Облигация: Russia 2047 (RUS-47, RU000A0JXU14)

Что в плюс

• The Ministry of Finance continues to transfer ruble equivalents for coupon payments, using available domestic channels which reduces the risk of absolute non-payment for holders in the Russian system.
• There is a clearly defined servicing procedure for three groups of holders, providing operational rules, albeit with limitations regarding payment conversions and verification requirements.
• The bond is actively traded and documented in registers and databases, providing transparency for investors within the Russian custody chain.

Что в минус

• Payments in rubles instead of dollars create FX risk and potential economic loss for nominal recipients, changing the economic content of payments for non-residents.
• Holders in foreign depositories face operational barriers, as payments accumulate on a special account pending verification and require documentation, increasing legal risk.
• The partial substitution of the original bonds complicates liquidity and the legal standing of creditors due to the existence of two streams of obligations.

Вывод

Holders within the Russian custody chain have the most direct route for receiving payments; however, they must consider the currency risk in receiving rubles. For holders in foreign depositories, the operational and legal risks are significantly higher due to complicated verification processes.

Источники

1. Obligations internationales: Russia, 5.25% 23jun2047, USD (12840079V, RUS-47, RU000A0JXU14, WKN A19KJA)
2. INTR Минфин России (RU000A0JXU14)
3. MinFin transfers 16.9 bln rubles to NSD to pay coupon on Russia 2027, Russia 2047 Eurobonds
4. Russia's Finance Ministry remits payment on 2027 and 2047 Eurobonds using new settlement arrangement in rubles
5. Finance Ministry replaces Russian sovereign Eurobonds equivalent to $20.8 bln, representing 64.2% of original issue' nominal value

Не является инвестиционной рекомендацией. Дата анализа - 20 дек. 2025

Другие выпуски и близкие бумаги

• РФ ЗО 47 Д
• ОФЗ 29031
• РФ ЗО 42 Д
• RUS-42
• ОФЗ 29029
• ОФЗ 26238
• ОФЗ 26254
• ОФЗ 26248
• ОФЗ 29028
• ОФЗ 26247

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