SPVs linked to sanctioned Russian companies that have been delisted from the Dublin Stock Exchange

Euronext, the company that owns the Irish Stock Exchange in Dublin, has delisted several special purpose vehicles used as debt instruments linked to sanctioned Russian companies.

The firm suspended GTLK Europe DAC, GTLK Europe Capital DAC, Alrosa Finance SA and SCF Capital DAC from Euronext Dublin on April 8, citing “EU financial sanctions”.

On April 12, Euronext announced that it had ceased trading in all securities.

Euronext said it canceled the instruments after considering EU sanctions. Issuers have been notified in advance.

SCF is affiliated with PAO Sovcomflot, a shipping company listed in Moscow. Both GTLK vehicles are linked to the Russian transport leasing company GTLK. The Alrosa vehicle is related to the Alrosa diamond mining company.

In a statement published on its website, PAO Sovcomflot claimed the instruments had been delisted “without proper notification”. SCF Capital had two outstanding Eurobond issues totaling $928 million, maturing in 2023 and 2028.

Alrosa’s website valued its two outstanding Eurobonds, listed in Dublin, at $500 million each, with maturities in 2024 and 2027.

Across its two SPVs, GTLK had five outstanding Eurobond issues in Dublin totaling $2.65 billion. The terms range from 2024 to 2028.

Alrosa and Sovcomflot said they are obligated to fully honor their obligations under the debentures. GTLK said meeting payment obligations under the Notes is a priority.