Capital markets funding
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JSC VTB Bank (VTB) carries out its funding operations in international capital markets in different forms including its Euro Medium-Term Note (EMTN) Programmes, which are structured as Loan Participation Note Programmes. Under these Programmes, a VTB special purpose vehicle (SPV), VTB Capital S.A. (Luxembourg) or VTB Eurasia Ltd. (Ireland) provides loans to VTB (Moody`s: Baa2, Standard & Poor’s: BBB) from the proceeds of the Loan Participation Notes issued by VTB via public or private placement. Short-term liquidity (up to 1 year) is raised through the ECP (Euro Commercial Paper) Programme via VTB ECP Finance Ltd. (Ireland) issuing notes under VTB Bank guarantee.
Liquidity management is centralized. VTB subsidiaries have limited access to capital markets, as the main borrower is VTB Bank.