Sibur matured and un-repaid bonds
The SIBUR 2023, 2024 and 2025 Eurobonds reached their scheduled maturity without repayment or refinacing. Due to the introduction of international sanctions and the subsequent disruption of the Euroclear/Clearstream settlement infrastructure, the traditional flow of principal and interest payments from the Russian guarantor to international investors has been severely restricted.
While SIBUR has maintained that it has sufficient liquidity to honor its obligations, international “Eligible Noteholders” face significant hurdles in accessing funds through standard western clearing systems.
Current Status & Recovery Options
According to SIBUR, the company has implemented alternative payment mechanisms to facilitate the fulfillment of its obligations to noteholders outside of Russia.
However, not all holders will be willing or able to engage in some of the alternatives, leaving them stranded.
Alternatives recovery options
Southey Capital has confirmed that it is able to clear and settle the Euroclear bonds and is in a position to receive holders positions with RVP and DVP settlement instructions.
Southey Capital has no Russian nexus and has no end buyer in Russia, we are a completely independent third party.
In the below documents we set-out our third party tender offer, the affected notes are:
| Description of the Notes | ISIN Code RegS / ISIN 144 A | WKN |
| SIBUR Holding 4.125% 5 Oct 2023 Notes | XS1693971043 / US825795AA56 | A19P71 |
| SIBUR Holding 3.45% 23 Sep 2024 Notes | XS2010044621 / US825795AB30 | A2R76J |
| SIBUR Holding, 2.95% 8 Jul 2025 Notes | XS2199713384 / US825795AC13 | A28ZKW |
May 2026 third party Tender Offer
On the 15th of May 2026 , Southey Capital has made a offer to holders of the Sibur matured Euro bonds.
Rational for offer
The offer wishes to provide a cash exit for holders of Sibur’s matured notes, that has no nexus to Russia or the Issuer. No funds for the purchase of the tendered notes are solely and 100% the own funds of the acquirer.
The settlement proceeds will be paid in USD, not in RUB and there is no need to open a type “D” account, like the current offer by Sibur itself.
Main Contact Details
Phone: +44 203 745 7940
Email: sibur@southeycapital.com / settlements@southeycapital.com
Offer Documentation
Full details of the offer are listed here
Frequently Asked Questions here
The acceptance document is available here
Seller Representations Word Doc / PDF
Southey Capital Attestation
The Disclaimer is available here
Sibur contact details
Address: 16/1 Krzhizhanovskogo St., Moscow, 117218
e-Mail SIBUR_IR@sibur.ru
Investor Relations: https://www.sibur.ru/en/investors/
