OREANDA-NEWS. June 04, 2009. Vnesheconombank announces the establishment of a syndicate for placing a debut issue of currency-denominated bonds series 01 worth 2 billion US dollars.

Russia’s Sberbank is to act as a co-organizer of the issue, CJSC Bank Russkii Standard, OJSC ROSBANK and OJSC Gazprombank are to act as underwriters, OJSC Alfa-bank, CJSC CITIBANK and JSC Raiffeisenbank are to act as co-underwriters.

Bonds are planned to be placed on June 3, 2009 at the Moscow Interbank Currency Exchange (MICE). Bonds are to be placed through closed subscription among Russian lending institutions. The first coupon rate was determined in accordance with the procedure for determining coupon interest rate 6mLibor+ 1% and amounts to 2.24%. The bond maturity is one year. Bond yields are to be paid twice a year.

On May 14, 2009, the Russian Federal Service for Financial Markets registered five bond issues for a total amount of 10 billion US dollars. The amount of raised funds is fully in line with Vnesheconombank’s requirements and will be used to replace Bank of Russia funds deposited with Vnesheconombank subject to Federal Law dated 13.10.2008 № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation”. Vnesheconombank used these funds to refinance Russian companies’ debts to foreign creditors as well as to raise financial resources to finance Vnesheconombank’s credit-investment activity.