Russia To Redeem First Issue Of Eurobonds Today

Russia will redeem the first issue of its eurobonds today and repay the last coupon on this issue for a total of more than $1bn, a source in the Finance Ministry reported to RBC. In particular, $1bn will be spent to redeem the bond issue itself and $46.25m will be allocated for coupon payments. The Finance Ministry earmarked necessary assets to Vneshekonombank, its financial agent, on November 23. Yesterday this bank allocated the money to Citibank that will make payments to holders of Russian eurobonds today. The first issue of Russian eurobonds was floated on November 27, 1996 for a total of $1bn.