Press Releases

Renaissance Credit Informs About Coupon Payment on Subordinated Eurobonds

15 June 2022

Currently, there is one outstanding Subordinated Eurobond issue due December 2024 with semi-annual coupon of 10.00% per annum (ISIN: XS2011269912) issued by Renaissance Consumer Funding DAC (Ireland).

Given the current geopolitical situation the international financial infrastructure prevents Renaissance Credit (“the Bank”) from making payments to investors in accordance with the bond issue documentation. The Bank decided to make coupon payment for the period from December 13, 2021, till June 13, 2022 in accordance with the procedure set in the Russian President’s Decree No. 95 “On Temporary Order of Discharge of Obligations Towards Certain Foreign Creditors” dated March 5, 2022. The payment was made in Russian Rubles at a relevant exchange rate set by the Bank of Russia.

Coupon payments to holders whose rights in respect of Eurobonds are registered with National settlement depository (“NSD”) and its Russian sub-depositaries were wired to NSD for further transfer to bond holders. The part of a respective coupon in favor of the bond holders whose rights in respect of Eurobonds are recorded with foreign clearing systems Euroclear and Clearstream was transferred to a special type “C” account opened with the Bank in the name of Renaissance Consumer Funding DAC (Ireland).

“Renaissance Credit continues to accrue the remaining interest on the loan and has sufficient financial resources to fulfill its obligations”, - commented Evgeniy Mikhalin, Senior Vice President, Chief Financial Officer of Renaissance Credit.

A detailed scheme of coupon payment can be found here. For more information about coupon payment investors may send their queries to: ir@rencredit.ru