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Vneshtorgbank distributed US$300m eurobond issue

27 July 2004

Vneshtorgbank distributed a eurobond issue for US$300 million. VTB three-year bonds having floating rate quarter coupons were distributed at par. Coupon rate of the issue, where lead arrangers were banks such as Barclays Capital, HSBC and ING, accounted for LIBOR + 2.9% p.a.

These debt instruments were distributed under Vneshtorgbank`s US$2 billion Medium-Term Debt Instrument Programme. Under the Programme, late in 2003 and early in 2004 Vneshtorgbank made a distribution of two issues of debt securities, including 5-year fixed coupon rate eurobonds totalling US$550 million and one-year floating rate eurobonds for US$325 million.

Vneshtorgbank`s high credit rating and sound business standing enabled to successfully effect the transaction under existing instability of the Russian banking sector. 70 investors took part in the issue.

Moody`s Investors Service assigned preliminary investment rating of Baa3. Fitch Ratings assigned a "ВВ+" rating to the new issue of Vneshtorgbank`s eurobonds, and Standard & Poors assigned a BB+ rating. Ratings given by above agencies are equal to the sovereign rating of the Russian Federation.

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