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Vneshtorgbank, Bank for Industrial Construction and Troika Dialog distributed a RUR9.6 billion bonds for the Moscow Region Government, historical record for sub-federal bonded debt market

5 May 2004

Public offering of fourth-issue paper-format rouble-denominated coupon bonds of the Moscow Region Government took place on 27 April 2004 (securities issue registration number is RU 25004 МОО).

The bonds were distributed at the MICEX by public subscription in the form of auction at a single cut-off price.

Issueount was 9.6 billion roubles at par value, which is unprecedentedly high for the Russian sub-federal bonded debt market. Tenor is 5 years (1,820 days), maturity date is 21 April 2009. The first coupon period is due and payable in 273 days, the remaining seventeen coupons are due and payable in 91 days. Interest rate with respect to all coupons is uniform to account for 11% p.a.

Standard & Poor`s international rating agency rated the bond issue of the Moscow Region Government at ruA+ according to the Russian grading.

Vneshtorgbank, Bank for Industrial Construction and Troika Dialog investment company were arrangers of the issue.

Bank for Industrial Construction acted as underwriter of the issue.

Savings Bank of Russia, Bank of Moscow, Evrofinance Mosnarbank Bank, Zenith Bank, and Soyuz Bank were co-underwriters of the issue.

More than 220 investor applications were submitted in the course of the issue. At the auction, demand for the issue outstripped 10.75 billion roubles. Through the auction 167 investor applications were met.

Single cut-off price determined by the issuer was 100.35% out of the par value.

Effective yield of bonds at maturity was 11.30% p.a..

Totality of the bond issue was distributed the first day of the public offering.

You can get more information from contact staff:

at Vneshtorgbank - Mr. Alexei Konochkin, phone (+7-095) 775-7130,
at Bank for Industrial Construction -  Mr. Vladislav Vaguin, phone: (+7-812) 329-8166, or Alexei Kuprianov, phone (+7-812) 329-8198,
at Troika  Dialog - Ms. Maria Poshisholina, phone (+7-095) 258-0519,
You can get access to issue-related documents on Web-sites of the Moscow Region Government (, Vneshtorgbank (, Bank for Industrial Construction ( or Troika Dialog Investment Company (

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