AvtoVAZ to issue bonds in Q4 2003

AvtoVAZ will place 3bn rubles ($98m) in bonds on MICEX in the fourth quarter of 2003, sources in the Russian automobile manufacturer told RBC. The bonds will mature in 4.5 years. It is planned to issue 3m bonds with a 1,000-ruble (about $32.8) par value.

AvtoVAZ issued 1bn rubles ($32.8m) in bonds on February 21, 2003. The bonds' maturity period was 360 days.

In 2003 the company assembled 702,966 automobiles. This year AvtoVAZ is planning to produce about 690,000 automobiles. The company's net income was 700.4m rubles ($22m) in 2002.

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