A session of the Federation Council passed legislation to change the name of State Corporation Vnesheconombank to VEB.RF, introducing several new functions, such as its role as a development institution coordinator.
The amendments are to be made to the Federal Law On the Bank for Development and certain legislative acts of the Russian Federation.
The law changes the name of State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” to State Development Corporation VEB.RF.
The law also assigns new functions to VEB.RF to coordinate the development institutions’ activities as resolved by the Russian Government.
Another law amends the Budget Code. The Government will approve resolutions concerning the authorised capital of VEB.RF in the form of paid-in capital and the amount of its authorised capital that should subsequently additionally be contributed by the Russian Government (callable capital).
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" redeemed its Eurobonds Series 9 issue on November 21, 2018.
The Eurobonds for a nominal amount of US$ 850 mn were issued on the Irish Stock Exchange in 2013 with a five-year maturity period and an annual coupon rate of 4.224%.
The redemption of the Eurobond issue and coupon payments were executed in full and in accordance with the terms of the prospectus.
Irish Stock Exchange cancelled listing of Eurobonds Series 9 with effect from 21st November 2018.