15 June 2004 22:58
Russia will not place Eurobonds in 2004
MOSCOW. June 15 (Interfax) - The government will not use its right to place up to $3 billion in Eurobonds in 2004
because higher oil prices will enable the budget to exceed its revenue targets, materials submitted to the government
together with 2005 budget parameters say.
"Additional revenue together with the saving made on foreign debt servicing and repayment thanks to exchange
rate differences will be used to replace money raised from foreign-currency denominated bonds accounted for as sources
of foreign financing for the federal budget deficit."
The 2004 federal budget envisaged that $2.75 billion or 86.2 billion rubles would be raised from Eurobond placements
and provided the right to place up to $3 billion in Eurobonds with five to 30 year terms.
Talking about Eurobond placements, Deputy Prime Minister Alexander Zhukov said earlier: "We have the opportunity
to do this, but there is no need." [RU ASIA EUROPE EEU EMRG GVD EUB] me
[Interfax] |
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