Corporate eurobond payments monitor

Since the release of our previous monitor, activity among corporate issuers has declined slightly. Credit Bank of Moscow (CBM) substituted its first eurobond and obtained bondholder consent to amend the documentation for two perpetual issues. Gazprom is continuing to tap place its EUR-denominated issues, while SIBUR suspended the issue of a local bond intended to substitute its eurobonds. In addition, a law was passed that provides for ownership of substitute bonds effective from the moment of the initial eurobond purchase. This will entitle investors to tax deductions if they hold bonds for more than three years.