25 May 2004 06:11
Business in Brief: Mortgage Bond
Issue
MOSCOW -- The Mortgage Housing Credit Agency announced it will place mortgage bonds, guaranteed by the Finance
Ministry and worth 1.5 billion rubles ($52 million), on the Moscow Inter-Bank Currency Exchange on Tuesday. The
organization placed its first mortgage bonds (1.07 billion rubles) on the exchange last year and plans to make the
third, largest placement this fall.
Created in 1997 to lower risks and increase the availability of mortgages in Russia, the Mortgage Housing Credit
Agency was founded by the government, which owns 100 percent of its shares.
Alexander Smenyak, general director of the agency, said the organization plans to refinance a total of 3.6 billion
rubles worth of mortgages by the end of this year. By April of this year, 62 regions were working with the agency, and
the organization plans to expand to 75 regions by the end of 2004
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[The Moscow Times] |
RUSSIA IN FACTS
