Short-Term Exchange-Traded Bonds Issued by VEB.RF

12 july 2019 года
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VEB.RF issued short-term bonds in additional placements to companies and corporations on 10, 11 and 12 July 2019.

The Bank raised 12 billion roubles, including 10 billion roubles from bonds with a maturity of 14 days and a coupon of 7.28% p.a., 1 billion roubles from bonds with a maturity of 21 days and a coupon of 7.27% p.a., and 1 billion roubles from bonds with a maturity of 28 days and a coupon of 7.27% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arranger of the bond issue is Gazprombank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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VEB.RF Group-backed Exports to Uzbekistan Exceeds 1 billion Euros

10 july 2019 года
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State Development Corporation “VEB.RF” and its subsidiary, Russian Export Centre, provided backing for exports to Uzbekistan in the amount of more than 1 billion euros. VEB.RF’s new loan agreements provide for 174 million euros worth of financing to be extended in the next three years to promote Russian high-technology exports to Uzbekistan. Delivery of trains for the Tashkent Metro and electric power equipment is one of the projects.

“Uzbekistan has become for us an important business destination. VEB.RF is committed to encouraging bilateral trade and economic cooperation. Primarily, we are talking about carrying out electric power and urban infrastructure projects in Uzbekistan. We have been promoting multifaceted cooperation with our financial partner in Uzbekistan, the National Bank of Uzbekistan, in particular via the Shanghai Cooperation Organisation Interbank Consortium. Notably, funds are being successfully drawn down under two electrical power projects. Several projects are currently being scrutinised,” VEB.RF’s Chairman Igor Shuvalov said.

At the end of May this year, during the visit of Dmitry Medvedev to Uzbekistan, VEB.RF and NBU signed a new 10-year loan agreement to finance a project on the delivery of five trains for the Tashkent metro for a total of 22.14 million euros.

VEB.Rf is currently considering cooperation on potentially worthwhile hydropower projects in Uzbekistan. The corporation intends to commit up to 280 million euros for the projects.

“Uzbekistan’s economy is rapidly developing, with a special focus placed on the public transport upgrade. We hope that our pilot project on the delivery of metro trains will be followed by other interesting projects relating to the exports of Russian technologies to Tashkent,” Igor Shuvalov emphasised.

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Igor Shuvalov at Moscow Urban Forum: ‘Quality Urban Environment Requires Constant Change’

5 july 2019 года
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VEB.RF’s Chairman Igor Shuvalov took part in the Moscow Urban Forum. He spoke at the plenary session Quality for Everyone. Balanced Urban Development on the results of the forum My District. The session’s speakers included Moscow Mayor Sergey Sobyanin, Mayor of Kuala Lumpur Nor Hisham Ahmad Dahlan, Yandex’s Managing Director Tigran Khudaverdyan, Wowhaus Architecture Bureau’s Partner Oleg Shapiro, and Film Director Timur Bekmambetov.

According to Igor Shuvalov, a modern urban development agenda appeared on the federal and international levels primarily due to the efforts of Moscow’s authorities. VEB.RF’s Chairman spoke about WEF’s Global Future Council on Cities.

VEB.RF in cooperation with DOM.RF, RSMB Corporation, Russian Export Centre is proactive in modern urban economy development. For example, RSMB Corporation provides packaged solutions to businesses which will bring life to city streets. A proper approach may change the life of even a small town with a meagre budget. It is proven by the experience of MONOGORODA.RF.

VEB.RF’s primary focus is on clean water, recycling, waste treatment facilities, and modern public transport projects. In particular, VEB.RF participates in the supply of carriages to the Moscow Metro.

According to Igor Shuvalov, VEB.RF is ready to scale promising Moscow’s digital solutions, including those in healthcare and education.

VEB.RF highlighted that changes in Russian cities and towns will improve the quality of life of 80% of the country’s population. People shall live and work wherever they choose. A quality urban environment requires constant change and new challenges.

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New REC’s Office to Support Russian Exporters in Italy

4 july 2019 года
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The managers of VEB.RF and the Russian Export Centre (REC) will pay a working visit to Italy. REC is planning to open an Italian Representative Office to support exporters. The office will be opened in Milan. In addition, an export support group with participation of the Trade Representation of Russia in Rome will be organised. This project is a part of the Integrated Export Promotion System in the Russian constituent entities and abroad. Integrated export support offices were introduced under the International Cooperation and Export national project.

VEB.RF’s Chairman Igor Shuvalov said: “We are bringing together all tools for international and regional export promotion under REC’s umbrella and consolidating development institutions’ resources and measures of government support. I hope that Russian small, medium and large exporters will appreciate the benefits of the integrated network. Italy is one of the key partners of Russia in Europe. Our companies have significant cooperation potential.”

REC’s CEO Andrey Slepnev said: “Our integrated export support system in Italy will significantly expand support measures’ choice, substantially speed up the delivery of services, organise the end-to-end interaction among export support centres in Russian constituent entities and all Italian regions. Moreover, this system will make it possible for Russian exporters to efficiently open up the Italian market, and hence all European markets.”

Earlier VEB.RF, the Ministry of Industry and Trade of the Russian Federation, and Russian Export Centre signed a trilateral Memorandum on foreign trade cooperation and development of the Integrated Export Promotion System. The parties agreed to share VEB.RF, REC and Russian Trade Representations experience, opportunities, resources and infrastructure.

Today REC already has new format joint Representative Offices in India, Uzbekistan, Vietnam, and China.

In 2019, new offices will be opened in Germany (Frankfurt am Main), Turkey and Singapore. The offices will be hosted by the Trade Representations of the Russian Federation.

Italy is one the major traditional trade partners of Russia and ranks 5th by trade turnover. As at the end of 2018, the turnover amounted to 27 billion USD (a 13% increase).

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VEB.RF, Sberbank and METRO AG Agree to Promote SME Digital Platform in Russia

28 june 2019 года
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VEB.RF and Sberbank have agreed to promote METRO AG’s digital platform in Russia to develop small and medium-sized catering businesses. The news was announced by VEB.RF’s Chairman Igor Shuvalov after the meeting between representatives of VEB.RF and METRO AG in Düsseldorf.

During the meeting, the parties discussed the integration of digital solutions into SME development. METRO AG presented its DISH digital gastronomic platform offering an integrated solution for caterers and enabling to convert business processes into a digital format. The platform was initially launched in Germany and Italy, and since 2019, it has been operating in other 14 countries.

“Catering is one of the largest and the most important business areas. I would like to work together with you and Sberbank to promote this platform in Russia. I made a respective offer to Mr. Gref, and he welcomed it. As you know, Sberbank is the largest financial institution in Russia possessing requisite tools and technologies. We, as a development institution, are interested in developing technologies for SMEs in Russia. We do not stop working on it. I believe that together we will be able to implement this digital solution in Russia,” Igor Shuvalov said.

The parties also discussed other SME digitalisation instruments aimed at boosting the productivity of catering companies, ensuring more favourable business conditions, improving customer-staff relations, and creating new business models.

In March 2019, RSMB Corporation, SME Bank, DOM.RF and METRO Cash & Carry agreed to encourage SME development and support individual entrepreneurship, and specifically to encourage the expansion of a corner shop chain and mobile food businesses.

The parties to the agreement will lend comprehensive support, from the search for shopping premises, and financial, guarantee and leasing support for small businesses, agricultural cooperatives and farmers to the expansion of marketing channels through the sale of their products, including as part of the Bean franchise programme. The agreement will be implemented using the tools of RSMB Corporation’s on-line business geomarketing navigator for SMEs. RSMB Corporation and METRO AG actively cooperate to promote the sales of agricultural cooperatives’ and farmers’ products through federal retail chains. RSMB Corporation and METRO AG signed a respective cooperation agreement.

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VEB.RF Begins Financing Construction of New Generation Tankers at Zvezda Shipyard

27 june 2019 года
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VEB.RF made first advance payments under shipbuilding contracts with the Zvezda shipyard to finance the construction of two Aframax oil tankers.

Earlier SCF Group entered into a set of agreements with Rosneft, the Zvezda shipyard and the VEB.RF Group for the construction of two Aframax new generation large oil tankers. The vessels will be chartered by Rosneft. The financing will be provided using leasing instruments.

The vessels will provide year-round oil shipping from regions with challenging ice conditions. The tankers will use LNG as fuel which will significantly reduce harmful emissions to the environment: sulphur oxides (SOx) by 100%, nitrogen oxides (NOx) by 76%, and carbon dioxide (CO2) by 27% as compared with heavy fuel.

“This project represents not only a significant contribution to the development of shipbuilding in Russia but also is a next step towards LNG as the main fuel for large tankers, which, undoubtedly, is an example of environmental responsibility,” VEB.RF’s Deputy Chairman and VEB-Leasing’s CEO Artyom Dovlatov said.

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Development Institutions Executive Team Headed by VEB.RF’s Chairman Igor Shuvalov Evaluates Ivanovo Region Investment Projects

24 june 2019 года
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On June 24, an executive team of development institutions visited the Ivanovo Region. Comprising top managers of VEB.RF, DOM.RF’s CEO Alexander Plutnik, Russian Export Centre’s CEO Alexander Slepnev, RSMB Corporation’s CEO Alexander Braverman, MONOGORODA.RF’s CEO Irina Makieva, the delegation was headed by VEB.RF’s Chairman Igor Shuvalov.

The executive team of development institutions visited the Great Ivanovo Manufacture and adjacent territories. Commenting the development institutions’ plans to transform the Great Ivanovo Manufacture, Igor Shuvalov said: “The building shall be carefully examined, and then VEB will attract an investor to create a new city centre with new jobs and recreational areas for the locals. It is a complex ambitious project, which will require concerted efforts of VEB, RSMB Corporation, DOM.RF and REC.”

“We plan to develop the territory of the Great Ivanovo Manufacture and other still-standing manufactures to create a single cluster. This may become a driver of urban development, which will attract the locals and tourists. VEB.RF jointly with DOM.RF and other development institutions will ensure comprehensive development of these facilities by creating a modern, comfortable urban environment, multi-purpose space for accommodation (including rental housing), work and leisure,” Alexander Plutnik said.

Igor Shuvalov and the Ivanovo Region’s Governor Stanislav Voskresensky discussed the implementation of modern and comfortable urban environment projects. Stanislav Voskresensky highlighted the importance of a comprehensive approach to the tasks: “All the VEB Group’s elements are important to us, as we are working for the benefit of quality of life, people’s well-being enhancement.”

The meeting with the members of the regional government and the local business community discussed several infrastructure and industrial projects’ investment prospects, the creation of export-oriented manufacturers, and development of road infrastructure. In particular two investment projects with financial participation of MONOGORODA.RF are planned in the region: cotton manufacturing in a single-industry town Navoloki and linen fibre manufacturing in Yuzha. “Both projects submitted their requests officially to the Fund. Together the projects will create more than 150 new jobs in single-industry towns of the region,” VEB.RF’s Deputy Chairperson and MONOGORODA.RF’s CEO Irina Makieva said. The amount of facilities granted by the Fund totals RUB165mn.

RSMB Corporation’s CEO Alexander Braverman participated in the presentation of the regional investment projects. RSMB Corporation selected four promising projects, which may benefit from loans and guarantees.

“The Ivanovo Region’s small and medium businesses are already backed by the members of the National Guarantee System and received loans and guarantees in the amount of RUB867.2mn. This support enabled businesses from Ivanovo to raise loan facilities for the implementation of projects in the amount of RUB3.2bn at a rate lower by 2 to 3 b.p. vs. the market,” Alexander Braverman noted.

Commenting the status of exports potential development, REC’s CEO Alexander Slepnev said: “The town of Ivanovo is well known for its consumer goods industry. There is a plan to boost exports in this area of business up to USD1.5bn in 2019. One of the contributors to this boost is the implementation of promising export-oriented projects. For example, we plan to support the manufacturing of new shoe leather articles with eventual exports to Italy, industrial grade fabric from Russian raw materials for tire and rubber plants, linen fabric intended for exports. I would like to highlight that we are already witnessing a growth in consumer goods’ exports. Q1 2019 shoes exports growth rate increased by 29%, the exports of finished textile by 12%, the exports of knitwear by 13%.”

Then the delegation took a trip to Palekh, where in 2018 a joint effort of DOM.RF, KB Strelka and the Government of the Region resulted in a transformation of Krestovozdvizhensky Public Garden in the village’s centre. An improvement programme for the Central Park is scheduled in 2019.

A framework agreement was signed during the visit. As per the agreement, VEB.RF and the Ivanovo Region will consider joint projects to tackle priority social and economic development tasks in the region.

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VEB.RF and Ivanovo Region Agree to Develop Road Infrastructure and Public Transport

24 june 2019 года
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The executive team of development institutions headed by VEB.RF’s Chairman Igor Shuvalov visited the Ivanovo Region and signed an agreement on cooperation between VEB.RF and the Ivanovo Region. The agreement was signed by VEB.RF’s Deputy Chairman and VEB-Leasing’s CEO Artyom Dovlatov and the Ivanovo Region’s Governor Stanislav Voskresensky. The agreement provides for the search for and review of projects aiming to accomplish priority objectives of social and economic development of the Ivanovo Region.

The parties discussed the financing of road traffic safety programs in the Ivanovo Region, namely the construction of regional roads lighting systems as it is the most capital-intensive task. The parties also discussed the need to renew buses on regular routes. VEB.RF expressed its readiness to consider participation in public programs for development of the Ivanovo Region’s road infrastructure.

“Lease financing will make it possible to rapidly renew the Ivanovo Region’s transport infrastructure. All projects considered under the agreement are important to create a convenient environment for the region’s population,” VEB.RF’s Deputy Chairman and VEB-Leasing’s CEO Artyom Dovlatov said.

“This year we carried out an ad hoc study to identify road sections with the highest number of accidents. The length of these sections is 268.9 kilometres. We plan to install lighting posts, crash barriers and signs on these sections. But this program could have taken us five years to implement due to a significant cost. We made an arrangement with VEB.RF which will make the implementation of this program possible in one year instead of five. The quality of life and traffic safety are a priority for us. I hope that the implementation of the agreement will bear expected results: we will see less road accidents and lives will be saved,” the Ivanovo Region’s Governor Stanislav Voskresensky said.

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Short-Term Exchange-Traded Bonds Issued by VEB.RF

21 june 2019 года
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VEB.RF issued short-term bonds in additional placements to companies and corporations on 19, 20 and 21 June 2019.

The Bank raised 24.83 billion roubles, including 20 billion roubles from bonds with a maturity of 14 days and a coupon of 7.49% p.a., 0.82 billion roubles from bonds with a maturity of 21 days and a coupon of 7.42% p.a., and 4.01 billion roubles from bonds with a maturity of 28 days and a coupon of 7.36% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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Order Book Closed for VEB.RF’s PBO-001R-17 Exchange-Traded Bonds

21 june 2019 года
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The State Development Corporation “VEB.RF” closed the order book for VEB.RF’s PBO-001R-17 exchange-traded bonds on 20 June 2019. Under the programme of exchange-traded bonds, investors were offered bonds with a total par value of at least 20 billion roubles and with a term to maturity of four years.

The order book was opened on 20 June 2019 with an initial coupon rate from 8.15 to 8.25% p.a. When the order book was closed, the coupon rate was at the bottom of the marketed level at 8.15% p.a. whereas the bond issue totalled 20 billion roubles.

The overall demand for the PBO-001R-17 exchange-traded bonds with a coupon rate of up to 8.15% reached around 39 billion roubles.

The PBO-001R-17 bonds will be listed on the Moscow Exchange as from 27 June 2019.

Securities depository: National Settlement Depository.

Bookrunners: BC REGION, ROSSELKHOZBANK, PROMSVYAZBANK, SOVCOMBANK, CREDIT BANK OF MOSCOW

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Igor Shuvalov and Vasiliy Matyushevsky Discuss Bank BelVEB’s Development Prospects

20 june 2019 года
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On 20 June 2019, Minsk hosted a strategic session of the State Development Corporation “VEB.RF” and Bank BelVEB attended by the heads of both finance institutions, Igor Shuvalov and Vasiliy Matyushevsky.

The parties reviewed Bank BelVEB’s strategic objectives for 2019-2021 which include a deep transformation of the bank. Bank BelVEB’s top managers presented the main strategic focus areas: corporate investment business and integration projects, SMEs and retail, sales channels transformation, re-engineering of the bank. The parties reviewed main challenges for the bank and the ways to tackle them, and other issues. In particular the transformation of Bank BelVEB into an efficient financial technology group to breach the barriers of the banking business model was discussed. The parties discussed the creation of an ecosystem for clients and partners, a new service model.

Integration business development areas include financing of Russian exports to Belarus, financing of Russian and Belarus exports to third countries, financial support to new production projects with integration opportunities.

“We would like to see BelVEB as one of the best banks of the Republic of Belarus. The bank has its achievements and best practices; today the primary objective is to cooperate to support integration projects. We are carrying out a serious effort to develop BelVEB. It is our subsidiary bank and our underpinning partner in the Republic of Belarus in addressing the main challenge: opening up third countries’ markets for high technology products made in Russia and Belarus. The task number two is to make BelVEB standing on its own two feet in the Republic, competing for the leading role. The clients shall see the bank as a trustworthy organization. The bank shall be a partner of the Republic of Belarus’ Government in tackling social and economic tasks. The new strategy will make it possible to meet all these challenges,” VEB.RF’s Chairman Igor Shuvalov said.

Bank BelVEB’s Chairman of the Board Vasiliy Matyushevsky noted that the bank intends to create a comprehensive ecosystem for B2B and B2C customers. The ecosystem will be centred on the needs of customers. “We plan to implement the most cutting edge technology solutions, first of all in on-line and remote banking. I hope that these projects will be implemented,” Vasiliy Matyushevsky emphasised.

The parties also discussed a transformation of the bank’s retail network and points of sale, development of digital and partner sales channels, development of new innovation products. The bank plans to strengthen the implementation of open API technology.

Bank BelVEB will see significant changes it the way it interacts with SMEs: new digital services and products will be created, new projects with partners initiated.

After the meeting, the parties agreed to finalise the strategy in the near future and to adopt a document this autumn.

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