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Report: Bank Peresvet to issue 125B ruble bond as part of recovery plan

The shareholders of JSCB for Charity and Spiritual Dev of Fatherland PERESVET approved the issuance of subordinated bonds worth 125 billion Russian rubles and the conversion of a 100 million ruble subordinated loan provided for the lender by the Russian Deposit Insurance Agency into the bank's shares, Kommersant reported Feb. 1.

The decision indicates the launch of a recovery plan for the financially troubled lender, the newspaper noted. It added that the 15-year bonds will be issued in order to initiate a bail-in procedure as part of which 80% of the bank's obligations to its 28 largest creditors will be converted into its capital.

The holders of the subordinated bonds will have the possibility to sell the securities on the market before the lender completes its financial recovery program, Kommersant said.

Peresvet, in which the Russian Orthodox Church has a significant holding, was placed into provisional administration in October 2016. Kommersant noted that JSC Russian Regional Development Bank is being considered by regulators as a candidate to oversee Peresvet's recovery program when it is officially launched.

As of Jan. 31, US$1 was equivalent to 59.94 Russian rubles.