VEB has significantly reduced the yield spread of its bonds over the federal loan bond profit curve in the last year.
Investors have commended achievements of the change in Vnesheconombank management that took place in February 2016. This change led to our securities’ yield spread being reduced in relation to the federal loan bonds’ yield spread, which was more than 100 basis points in the last year, said Nikolay Tsekhomskiy, First Deputy Chairman, Member of the VEB’s Management Board.
“We have reduced the cost of our own debt, making it possible to draw funds on the domestic market at rates that are more compliant with the VEB status as a quasi-state institution. Following the reduction in the Bank of Russia’s key interest rate on April 28 and the obvious trend for disinflation and inflationary expectations, the federal bonds profitability has potential for further reduction,” he said.
Nikolay Tsekhomskiy added that VEB intends to further reduce its securities’ profitability spread relative to federal bonds. The total debt of VEB in open circulation on the Russian market is 252 billion rubles and US$ 600 million. In 2016, VEB had drawn 35 billion rubles and US$ 600 mln.
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E-mail: press@veb.ru
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