Municipal Loans Committee To Place Moscow City Bonds At MICEX Today

The Committee on Municipal Loans and Stock Market Development of Moscow will hold an auction at MICEX today to place city bonds of the 19th issue. A representative of the Municipal Loans Committee told RBC that city bonds with a total face value of 500 million rubles (about $16.9 million) would be offered at the auction. The Garant M closed corporation will act as a seller at the auction. The total face value of the 19th issue of Moscow city bonds is 1 billion rubles (about $33.9 million). The face value of each bond is 1,000 rubles (about $33.85). The bonds have 6 coupon periods. The coupons are paid off each quarter, and the annual interest rate for the coupons is 15%. The date of redemption of the bonds is March 6, 2003.