Belarus authorities have started preparing for the second sovereign Eurobond issue. It may be priced at the end of this year or at the beginning of next year. As stipulated by the Council of Ministers' Decree #1542 as of October 22, 2010, the $1bn issue has a tenor of up to 5 years. The Decree approves draft documentation on the issue. White And Case LLP will act as the legal advisor in the British Law; Deutsche Bank AG (London branch) will act as the paying agent and the agent on listing; Sterling Financial Print Ltd. is the publishing agency. The issue will be arranged by the same banks that arranged the country's debut Eurobond, namely BNP Paribas (London branch), Deutsche Bank AG (London branch), Royal Bank of Scotland PLC, Ž€Ž Sberbank of Russia.
Belarus printed its debut Eurobond in two tranches in August 2010 raising $1bn at the highest rate in the international market, namely 8.25%-9.0%. Initially Belarus planned to return to the international markets no earlier than in mid-2011, but the worsening situation with the foreign currency inflows combined with sharp growth of pressure in the domestic FX market caused the Belarus government to speed up its plans.