Sibneft Postpones Issue Of Eurobonds Due To Unfavorable Situation

The Russian oil company Sibneft has postponed the issue of eurobonds scheduled for this year in view of unfavorable market conditions. "The company will return to the international securities market when the situation is more favorable," Sibneft President Yevnegy Shvidler was quoted as saying. The Moody's rating agency rated Sibneft's eurobonds at B1. Sibneft was the first Russian company to issue eurobonds. The first issue was floated in August 1997 and redeemed in August 2000.