Yakutia to offer bonds on RTS

Initial placement of bonds of the Republic of Yakutia will be conducted at the RTS stock exchange today, Deputy Finance Minister of Yakutia Valery Zhondorov declared today. The volume of the issue will be RUR470m ($14.83m) at face value, and the face value of each bond in the issue is RUR1,000 ($31.55). The term of circulation of the bonds is 545 days.

The bonds have six quarterly coupons, and a fixed annual coupon interest rate of 15%. It is planned that an annual interest rate of 18-18.5% will be set at the auction. The date of redemption of the bonds is April 27, 2004.

The organizers of the bond issue are Web-invest Bank and ALROSA Investment Group. Web-invest Bank will be the underwriter and the agent for payments for the issue. ALROSA is a financial consultant for the bond issue.