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Vneshtorgbank distributed Eurobonds worth $325 million

26 April 2004

Vneshtorgbank has distributed the second issue of Eurobonds worth US$325 million. Annual bond, having a quarterly-paid coupon and floating interest rate, were distributed at par value. High demand for Vneshtorgbank securities to be distributedong 50 investors from Europe and Asia enabled to increase the issue volume as compared to the initially requestedount of US$250 million and to reach favourable market conditions in terms of yield. Issue coupon rate, where lead manager is Barclays Capital (investment arm of Barclays Bank PLC), was 3-month LIBOR plus 200 basis points.

Debt securities were issued within the framework of programme envisaging issue of Vneshtorgbank`s medium-term debt instruments totalled US$2 billion. The first issue, under which VTB distributed 5-year Eurobonds for a totalount of US$550 million to mature in 2008, was distributed by two parts, in December 2003 and March 2004.

Second-issue Eurobonds were confirmed by Moody`s Investors Service at Baa3. Fitch Ratings assigned new Eurobond issue by Vneshtorgbank a preliminary rating at ВВ+.

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