Joint Stock Company INK-Capital made its placement of its exchange-traded bonds on PJSC Moscow Exchange on the terms listed below:
- category, class (type) and other identification details of securities: exchange-traded non-convertible interest-bearing uncertified with centralized accounting of rights, placed under the exchange-traded bonds program (hereinafter referred to as the Program);
- total (maximum) sum of the nominal values of all issues of exchange-traded bonds placed under the Program: up to 100,000,000,000 (One hundred billion) Russian rubles inclusive or the equivalent of this amount in foreign currency, calculated at the rate of the Bank of Russia as of the date of signing by the authorized official of the Company of the respective resolution on the issue of securities.
The maximum term to maturity of exchange-traded bonds placed under the Program is 3,640 (Three thousand six hundred and forty) days from the start date of placement of each respective issue of exchange-traded bonds under the Program.
The term to maturity of exchange-traded bonds, placed under the Program, is determined separately for each issue of exchange-traded bonds placed under the Program, in the respective resolution on the issue of securities, establishing a set of property and non-property rights in relation to a specific issue of exchange-traded bonds under the Program.
The debut issue of bonds, placed under the Program, registered by PJSC Moscow Exchange on November 3, 2021, is the first issue of transition bonds in the Russian Federation, which is issued under the RF Government Resolution No. 1587 dated September 21, 2021 and which complies with the principles of transition bonds described in the Climate Transition Finance Handbook of the International Capital Markets Association (ICMA), and which is also confirmed by an independent written opinion (conclusion) of JSC Expert Rating Agency. The purpose of such issue is to refinance part of the expenses incurred under the cycling process project (re-injection of associated petroleum gas back into the reservoir) at the Yaraktinsky field (hereinafter referred to as the Project).
To encourage development of the Sustainable Development Sector, the Moscow Exchange made amendments to its Listing Rules (a new revision is effective from December 28, 2021): the National Projects Segment was renamed into the National and Adaptation (Transition) Projects Segment. Now, the Listing Rules allow including in this Segment bonds that raise funds for projects which correspond to the taxonomy of adaptation (transition) projects stipulated by the Decree of the Russian Government No. 1587 dated September 21, 2021.
On December 30, 2021, the Moscow Exchange included the issue of JSC INK-Capital's transition bonds in the National and Adaptation (Transition) Projects Segment of the Sustainable Development Sector. On February 11, 2022, the Company's bonds were included in the ICMA Green Bonds Category. Thus, the first transition bonds in the history of the Russian stock market were also the first ones to be included in the corresponding segment of the exchange.
Broken down by stages, implementation of the Project started in 2009: back then the Project was greatly supported by the European Bank for Reconstruction and Development (EBRD), which was a shareholder of JSC INK-Capital at the time. The Project’s implementation contributed to a reduction of gas flaring and a corresponding reduction of emissions. As you might know, oil production inevitably leads to extraction of associated petroleum gas, which, as a rule, was burned in flares. The support from the EBRD was quite tangible - it provided a targeted loan of 90 million euros for the Project’s implementation, and the Project became the first of its kind implemented in Russia on an industrial scale.
In 2012, the investment project of INK “Utilization of associated petroleum gas at the Yaraktinsky field, Irkutsk Region, Russia” was approved by order of the Ministry of Economic Development of Russia No. 277 dated May 16, 2012 as a joint implementation project No. 10 (in total there were only 12 such projects approved), which meant the potential use of carbon emission quotas under the Kyoto Protocol.
In May 2012, INK was awarded the EBRD Sustainable Development Achievement Award and was the winner in the category for Outstanding Environmental and Social Achievement. At the awarding ceremony, the independent jury especially praised the Company's work on reducing associated petroleum gas flaring gas by gas re-injection back into the reservoir at the Yaraktinsky field.
In October 2012, successful implementation of the Project was noted at the Global Gas Flaring Reduction Forum, organized by the World Bank and held in London.
For more information, please see:
- website of the Moscow Exchange;
- website of VEB.RF;
- website of the International Capital Market Association (ICMA);
subsection “Information regarding the assignment of the transition bond status” below
Exhange-traded bonds prospectuses
Exchange-traded bonds program
Reports on the use of funds obtained from the placement of exchange-traded bonds
Terms of placement of exchange-traded bonds
Resolutions on the issue of exchange-traded bonds
Information regarding the assignment of the transition bond status
Transition bonds concept (Framework)
.pdf 2.58 МБ
Environ Consult CIS conclusion for 2021
.pdf 896.76 КБ
Sustainable Development and ESG Policy
.pdf 125.74 КБ
Expert's conclusion on transition bonds, 2021
.pdf 137.56 КБ
Environ Consult CIS conclusion for 2022
.pdf 544.64 КБ
Expert's conclusion on transition bonds, 2022
.pdf 140.7 КБ