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Vneshtorgbank places the sixth RUR 15b bonded debt

21 July 2006

On 19 July 2006, the sixth bond issue was placed on the MICEX Stock Exchange. The VTB bearer's bonds, issued in paper format, are interest-bearing instruments with a nominal value of RUR 15 billion.

The auction saw 45 bids totaling RUR 18.9 billion. Investors offered the first coupon rate of 6.00% to 6.63% p.a., with most of the bids ranging between 6.47% to 6.55% p.a.

The first coupon rate set at the auction during the placement was 6.50% p.a. (that is RUR 16.21 per bond), rates of the second to the forth coupons are equal to the first rate, the other coupon rates will be set by the Issuer.

The effective yield to the one-year put option of the Issuer was 6.66% p.a.

During the auction, 22 bids of investors were satisfied.

Total amount of the issue was distributed on the first date of the offering, including 2,729,944 bonds through an additional offering of the evening session. Such results were achieved due to favorable business climate, reputable syndicate members and high credit quality of Vneshtorgbank.

According to VTB estimates, foreign investors acquired about 85% of the bonds.

Vneshtorgbank acts as an arranger, an underwriter and a paying agent.

Co-arrangers of the placement are HSBC Bank, Citigroup (ZAO Citibank), ING Bank (Eurasia), JP Morgan Bank International, Credit Suisse First Boston, and Renaissance Capital.

WestLB AG London, Bank of Moscow and Nomos Bank are leading underwriters of the VTB-6 bond issue placement.

Co-underwriters are ABN-Amro Bank N.V., ICICI Bank (Eurasia), Bank Inteza, International Moscow Bank, Raifeisenzentralbank Austria, TRAST Investment Bank.

National Depository Center acts as a custodian and a payment agent.

The volume of sixth bond issue of Vneshtorgbank with a nominal value of RUR 15 billion was registered on 2 August 2005 (Public Registration Number 40501000B). The bonds shall mature in 10 years and have semiannual coupons. Rates of the first to the forth coupons are 6.50% p.a. The Issuer will set the other coupon rates.

Subject to a decision of the Issuer, holders may call bonds for redemption at nominal value after one year, on the second business day after the payment of the forth coupon (20 July 2007).

Vneshtorgbank has the highest investment rating among the Russian financial institutions according to the 3 most reputable agencies. S&P rated VTB at BBB, Moody's at Baa2, and Fitch at BBB.

The Bank of Russia put VTB bonds on the Lombard list of securities accepted as a security against its loans.

You can find further information on the issue structure and financial position of the Issuer in offering documents displayed on the web-site. (

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