Thursday, February 5, 2009

Vnesheconombank will release currency bonds.

Goskorporatsiya Vneshekonombank (VEB) intends to release in February of this year U.S. dollar bonds. This writes the newspaper "Vedomosti". Attracted by the bond issue funds VEB plans to send the payment to the Central Bank, as well as to finance their infrastructure projects.
According to the chairman Vladimir Dmitriev VEBa, the organization expects from the issuance of securities to attract at least five billion dollars. The publication notes that first of all the bonds are redeemed banks have accumulated sufficient reserves of currency, which is estimated at more than 20 billion dollars.
Dmitriyev added that the documents for registration of the bond issue had already been agreement on the government and now are in registration with the Federal Service for Financial Markets. According to the publication, the approximate yield bonds may be VEBa Libor (London inter-bank lending rate) plus one per cent per annum.
Goskorporatsiya VEB has received from the Government the power to support the Russian economy in a financial crisis. In particular, VEBu have been allocated $ 50 billion in lending to domestic firms and refinance their foreign debts. February 4, the first vice-premier of Russia Igor Shuvalov has announced that the government may allow companies have not yet been issued VEBa means to preserve macroeconomic stability and to maintain the banking system. This may be about 39 billion dollars.

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