Russian Regional Development Bank issues bonds

The Russian Regional Development Bank has completed placing its bonds ofthe first issue, the press service of this credit organization reported.The issue amounted to 575m rubles ($18.25m). Underwriters of the issue wereRosbank, Guta Bank, Petrocommerce Bank and Lanta Bank.The bank's bond issue prospectus was registered by the Central Bank onSeptember 12, 2001. A bond's par value is 1,000 rubles ($31.74) with a2,922-day (eight year) maturity period. Coupon payments are to be madeevery quarter. The first coupon's payment will have a 17 percent annualinterest rate, the second - 20 percent, the third - 18 percent, the fourth- 16 percent and from the fifth to the thirty second - 10 percent.The bank posted an offer to redeem its bonds at a 19 percent annualinterest rate on August 15, 2003..