Облигация: Republic of Belarus 29/6/27 (BLR-27, XS1634369224)

Что в плюс

• Official registration of the bond issuance and registry records implies formal compliance with regulatory standards, facilitating administrative access to proposed payment schemes.
• The recent government announcement regarding payment mechanisms demonstrates the authorities' willingness to attempt to meet their obligations, providing a theoretical pathway for creditors to receive payments in the local jurisdiction.

Что в минус

• Credit and legal default risk is high; rating agencies have noted instances of payments in local currency instead of the original denomination, constituting a breach of conditions and increasing the likelihood of default.
• Sanction and operational risks are prevalent as authorities indicate that sanctions hinder foreign holders from receiving FX payments, restricting channels for payments and clearing for non-residents.
• Legal and procedural uncertainties regarding restructuring may lead creditors to view announced local schemes as unilateral changes to payment conditions, heightening the risk of losses or prolonged legal disputes.

Вывод

XS1634369224 is a high-risk instrument with documented history of non-compliance with payment conditions, compounded by significant operational and sanction-related barriers for FX recovery. Recent measures indicate the government's readiness to implement a local payment scheme, yet they do not alleviate credit risks or potential defaults as recognized by rating agencies.

Источники

1. XS1634369224 — Moscow Exchange
2. XS1634369224 Республика Беларусь облигации в справочнике NSDData
3. Раскрытие Информации - Белоруссия произвела замену евробондов Belarus-2027 на локальные облигации - ПРАЙМ
4. Sovereigns 2025 Transition and Default Study
5. World Bank Document

Не является инвестиционной рекомендацией. Дата анализа - 9 авг. 2026

Другие выпуски и близкие бумаги

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• РесБел 335
• РФ ЗО 27 Д
• RUS-27
• Казахст07
• ОФЗ 29007
• ОФЗ 29020
• ОФЗ 26207

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