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Financial Markets and Financial Institutes (continued) table 1 2 3 4 5 6 7 Altai Territory 77 362 709 183.82 4 989 059 841.31 6.45 1.20 0.02 1.23 0.Krasnoyarsk Terri- 184 697 369 470.07 9 787 388 123.69 5.30 4.39 1.22 5.61 23.tory Irkutsk Region 104 706 951 762.25 6 721 990 150.30 6.42 2.54 1.54 4.08 24.Kemerovo Region 119 151 656 505.64 3 823 279 098.20 3.21 4.91 2.22 2.69 69.Novosibirsk Region 105 691 604 894.93 2 142 346 572.03 2.03 15.90 1.92 13.98 94.Omsk Region 62 307 401 477.62 1 076 680 871.75 1.73 55.15 0.58 54.57 33.Tomsk Region 45 008 301 064.94 308 298 635.17 0.68 10.26 0.51 9.76 74.Republic of Altai 13 858 853 947.65 1 432 374 113.70 10.34 5.27 1.35 3.92 13.Republic of Khakasia 20 049 671 053.75 641 221 121.41 3.20 13.85 6.41 7.45 200.Zabaikalye Territory 47 579 572 337.54 252 736 415.57 0.53 5.92 2.98 2.94 561.Total 837 386 247 994.85 10 578 621 934.71 1.26 10.34 1.04 9.29 82.The Far Eastern Federal District Republic of Saha 108 254 934 041.65 3 751 876 391.60 3.47 3.43 1.26 2.16 36.(Yakutia) Primorsk Territory 100 039 138 492.55 8 968 112 885.81 8.96 2.34 0.97 1.36 10.Khabarovsk Territory 79 326 103 684.95 3 682 681 101.75 4.64 0.56 1.14 1.69 24.Amur Region 47 627 008 616.44 364 355 768.00 0.77 10.34 6.07 4.27 793.Kamchatka Territory 45 808 643 868.40 1 963 432 773.58 4.29 2.81 0.20 3.01 4.Magadan Region 21 743 356 709.77 1 067 188 564.91 4.91 5.69 0.00 5.69 0.Sakhalin Region 56 692 992 485.91 9 114 315 769.08 16.08 5.90 0.96 4.94 5.Jewish Autonomous 9 846 763 310.10 289 985 272.01 2.94 0.31 0.29 0.02 9.Region Chukotka Autono- 13 799 337 565.98 3 488 925 629.59 25.28 0.00 0.21 0.21 0.mous Region Total 483 138 278 775.75 11 180 545 948.63 2.31 3.58 0.99 2.59 42.The North Caucasian Federal District Republic of Dagestan 67 238 418 632.32 2 055 680 189.90 3.06 4.80 4.80 0.00 157.Republic of 23 603 459 127.10 713 400 782.83 3.02 5.67 2.53 3.14 83.Kabardino-Balkaria Republic of North 18 608 730 067.87 2 006 212 975.77 10.78 20.15 7.09 13.07 65.Osetia -- Alania Ingush Republic 16 587 911 010.22 1 499 708 988.07 9.04 0.00 0.00 0.00 0.Stavropol Territory 78 554 605 557.52 1 860 369 936.76 2.37 10.43 0.25 10.69 10.Republic of Kara- 14 232 629 140.00 1 043 593 237.15 7.33 7.86 7.86 0.00 107.chaevo-Cherkessia Chechen Republic 67 184 090 766.74 844 632 637.50 1.26 2.05 2.05 0.00 162.Total 286 009 844 301.77 6 302 858 874.46 2.20 6.65 2.60 4.05 118.Total 6 822 588 991 361.46 99 248 517 332.10 1.45 10.39 3.31 7.08 227.Russian Federation The Source: calculated on the basis of the data of the Ministry of Finance of the Russian Federation.

The Domestic Bond Loans In 2010, prospectuses for bond issue by 17 constituent entities of the Federation and six municipal entities were registered while in 2009 only 10 regions and 5 municipal entities issued bonds).

In 2010, registered with the Ministry of Finance of the Russian Federation were prospectuses of following constituent entities: the Republic of Karelia, the Republic of Khakassia, the RUSSIAN ECONOMY IN trends and outlooks Republic of Komi, the Republic of Sakha (Yakutia), the Udmurt Republic, Krasnoyarsk Territory, Krasnodarsk Territory, Moscow, St. Petersburg, the Volgograd Region, the Nizhny Novgorod Region, the Murmansk Region, the Ryazan Region, the Sverdlovsk Region, the Tver Region, the Tomsk Region, the Yaroslav Region, the Volgorgard Region, Kazan, Tomsk, Novosibirsk, Ufa and Krasnodar.

In 2010, the total volume of the bonds placed amounted to RUR 111.1 billion as compared to RUR 158.1 billion in 2009 (that is, a reduction of RUR 47.0 billion in nominal terms or by 30.7% in real terms). Within a year, the volumes of issue of sub-federal bonds and municipal bonds fell from 0.41% to 0.25% of the GDP (Table. 15).

Table The volume of issue of sub-federal and municipal securities (% of the GDP) Year Issue 0.63 0.77 0.47 0.31 0.19 0.17 0.27 0.46 0.47 0.37 0.28 0.26 0.43 0.41 0.Redemption 0.47 0.56 0.48 0.36 0.46 0.23 0.10 0.15 0.19 0.28 0.14 0.18 0.26 0.16 0.Net financing 0.16 0.22 0.01 0.05 0.27 0.07 0.16 0.31 0.29 0.09 0.14 0.08 0.17 0.24 0.The source: calculated on the data of the Ministry of Finance of the Russian Federation.

The largest securities issues were carried out by Moscow (RUR 71.8 billion or 64.6% of the volume of the aggregate issue of territories), Krasnodar Territory (RUR 5.1 billion or 4.6%), the Nizhny Novgorod Region (RUR 5.0 billion or 4.5%), the Yaroslavl Region and St.

Petersburg (RUR 3.0 billion, each or 2.7%) and the Volgograd Region (RUR 2.6 billion or 2.3%).

Thus, the six largest issuers accounted for 80.4% of the total volume of issues of regional and municipal bonds offering. (Table. 16).

Table Placement of sub-federal and municipal securities in 2010.

Share of the issuer in Ratio of the volume of issue Volume of issue (thouConstituent entity of the Federation the total volume of to domestic borrowings sand RUR) the issue (%) (%) 1 2 3 The Central Federal District Belgorod Region 221 000 000.0 0.2 5.Tver Region 3 000 000 000.0 2.7 37.Kaluga Region 956 000 000.0 0.9 14.Kostroma Region 927 375 310.7 0.8 14.Moscow Region 8 482 620.6 Ryazan Region 2 100 000 000.0 1.9 12.Yaroslavl Region 3 044 952 985.7 2.7 23.Moscow 71 798 101 881.7 64.6 81.The North-Western Federal District Republic of Karelia 2 000 000 000.0 1.8 20.Republic of Komi 2 077 950 000.0 1.9 40.St. Petersburg 3 000 000 000.0 2.7 60.The Southern Federal District Republic of Kalmykia 14 109 000.0 0.0 1.Krasnodar Territory 5 100 000 000.0 4.6 24.Volgograd Territory 2 599 886 000.0 2.3 22.Section 3.

Financial Markets and Financial Institutes (continued) table 1 2 3 The Privolzhsky Federal District Republic of Bashkortostan 749 857 500.0 0.7 12.Republic of Tatarstan (Tatarstan) 2 000 000 000.0 1.8 6.Udmurt Republic 2 000 000 000.0 1.8 20.Nizhny Novgorod District 5 000 000 000.0 4.5 10.The Siberian Federal District Tomsk Region 1 308 603 000.00 1.2 28.Republic of Khakasia 1 200 000 000.00 1.1 43.Tomsk Region 1 308 603 000.00 1.2 28.The Far Eastern Federal District Tomsk Region 1 308 603 000.00 1.2 28.Republic of Khakasia 1 200 000 000.00 1.1 43.Tomsk Region 1 308 603 000.00 1.2 28.158 114 034.3 100 25.Russian Federation total:

The source: the IET calculations on the basis of the data of the Ministry of Finance of the Russian Federation.

By now, the highest level of securitization was registered primarily with the largest issuers:

Moscow (89.9%), the Khanty-Mansiisk Autonomous Region (75.0%) and Krasnoyarsk Territory (67.6%).

In 2010, the aggregate volume of net borrowings on the regional securities market amounted to RUR 29.8 billion, that is, a reduction of RUR 68.1 billion or by 72.2% in real terms as compared to 2009. At the same time, the volume of the redeemed municipal bonds exceeded by RUR 2.5 billion that of the newly issued bonds (Table. 17).

Table The volumes of net borrowings on the market of domestic sub-federal and municipal securities (thousand RUR) Consolidated regional budget Regional budgets Municipal budgets 1 2 3 Net borrowings 29 774 599.3 28 611 970.0 1 162 629.Borrowed funds 111 106 318.3 105 854 346.2 5 251 972.Repayment of the principal debt 81 331 719.0 77 242 376.2 -4 089 342.amount Net borrowings 95 457 576.8 97 916 509.1 2 458 932.Borrowed funds 158 114 034.3 153 992 570.1 4 121 464.Repayment of the principal debt 62 656 457.5 56 076 061.0 6 580 396.amount Net borrowings 68 851 271.9 72 984 947.8 4 133 675.Borrowed funds 178 565 731.4 177 324 359.3 1 241 372.Repayment of the principal debt 109 714 459.5 104 339 411.5 5 375 048.amount Net borrowings 25 867 011 23 691 970 2 175 Borrowed funds 84 159 197 79 889 761 4 269 Repayment of the principal debt 58 292 185 56 197 791 2 094 amount Net borrowings 36 489 742 35 161 627 1 328 Borrowed funds 73 288 653 66 524 832 6 763 RUSSIAN ECONOMY IN trends and outlooks (continued) table 1 2 3 Repayment of the principal debt 36 798 911 31 363 205 5 435 amount Net borrowings 20 887 596 16 939 894 3 947 Borrowed funds 81 220 540 75 016 756 6 203 Repayment of the principal debt 60 332 944 58 076 863 2 256 amount Net borrowings 47 880 300 44 470 128 3 410 Borrowed funds 79 436 708 74 995 965 4 440 Repayment of the principal debt 31 556 408 30 525 837 1 030 amount Net borrowings 41 908 199 40 043 511 1 864 Borrowed funds 61 712 635 59 012 901 2 699 Repayment of the principal debt 19 804 436 18 969 390 835 amount Net borrowings 17 696 530 17 153 760 542 Borrowed funds 29 141 777 28 169 158 972 Repayment of the principal debt 11 445 247 11 015 398 429 amount Net borrowings 6 601 447 6 667 592 66 Borrowed funds 15 123 785 14 226 931 896 Repayment of the principal debt 8 522 338 7 559 339 962 amount Net borrowings 1 877 328 2 286 175 408 Borrowed funds 13 042 220 10 090 208 2 952 Repayment of the principal debt 14 919 548 12 376 383 2 543 amount The source: calculated on the basis of the data of the Ministry of Finance of the Russian Federation.

Most regions which issued debt securities on a regular basis kept issuing them in 2010, as well. The Volgograd Region has been issuing bonds each year since 1999, while Krasnoyarsk Territory, since 2003 and the Republic of Karelia and the Nizhny Novgorod Region, since 2004. (Table. 18).

Table Registration of prospectuses for issuing of sub-federal and municipal securities in the 19992010 period Issuer 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1 2 3 4 5 6 7 8 9 10 11 12 Constituent entities of the Federation * * * * * * * * * * * * Volgograd Region * * * * * * * * Krasnoyarsk Territory * * * * * * * Republic of Karelia * * * * * * * Nizhni Novgorod Region * * * * * * * * Tver Region * * * * * * * * * * * Moscow * * * * * * * * * * * St. Petersburg * * * * * * * * * * Tomsk Region * * * * * * * * Republic of Saha (Yakutia) * * * * * * * Yaroslavl Region * * * * Udmurt Republic * * * * * * * * * Republic of Komi * * * Krasnodar Territory Section 3.

Financial Markets and Financial Institutes (continued) table 1 2 3 4 5 6 7 8 9 10 11 12 * * * Murmansk Region * Ryazan Region * Sverdlovsk Region * Republic of Khakassia * * * * * * * * * * * Chuvash Republic * * * * * * * * * Irkutsk Region * * * * * * Samara Region Khanty-Mansiisk Autonomous * * * Region * * * * * * * Moscow Region * * * * * Lipetsk Region * * * * Kaluga Region * * * Penza region * * Ulyanov Region * * * * * Belgorod Region * * Kurgan Region * * Stavropol Region * * * * * * Republic of Bashkortostan * * * * Voronezh Region * * * * * Novosibirsk Region * * * * Kostroma Region * Ivanovo Region * Republic of Kalmykia * Tula Region * * * * Khabarovsk Territory Republic of Kabardino- * * Balkaria * * * * Leningrad Region Yamalo-Nenetsk Autonomous * * Region * Bryansk Region * Republic of Mordovia * Sakhalin Region * Kursk Region * Primorsk Territory Municipal entities Volgograd * * * * * * * * * * Kazan * * * * * Tomsk * * * * * * Novosibirsk * * * * * Ufa * * * * Krasnodar * Krasnoyarsk * * * * * * City of Elektrostal, Moscow * * region Smolensk * Lipetsk * * * Magadan * * * Bratsk * Novorossiisk * Yekaterinburg * * * * * * * * Klin District of the Moscow * * * Region Noginsk District of the Mos- * * * cow Region Blagoveschensk * * Cheboksary * * * City of Balashikha of the Mos- * cow Region RUSSIAN ECONOMY IN trends and outlooks (continued) table 1 2 3 4 5 6 7 8 9 10 11 12 Odintsovo District of the Mos- * * cow Region Astrakhan * Bryansk * Voronezh * City of Orekhovo-Zuevo of the * Moscow Region Yaroslavl * Yuzhno-Sakhalinsk * * * Novocheboksarsk * * * * Angarsk * Vurnar District of the Chuvash * Republic City of Shumerlya of the Chu- * vash Republic Barnaul * Perm * Nizhni Novgorod * Kostroma * * Archangelsk * Dzerzhinski * The source: The Ministry of Finance of the Russian Federation.

Credit rating In 2010, Russias sovereign rating assigned by Standard&Poor's, an international credit rating agency as regards foreign currency bonds remained unchanged at the ” level with a credit rating forecast being stable. At the same time, Fitch Ratings, a credit rating agency upgraded the forecast evaluation of Russias BBB credit rating from the stable level to the positive one.

In the first six months of 2008, Russia was assigned by both the rating agencies the + credit rating with a positive forecast.

In 2010, Standard&Poor's upgraded the credit rating of the Irkutsk Region, Surgut, the Tomsk Region, the Yamalo-Nenetsk Autonomous Region and the credit rating forecast of the Leningrad Region, Novosibirsk, the Republic of Saha (Yakutia), the Sverdlov Region, the Tver Region and the Khanty-Mansiisk Autonomous Region.

At the same time, the credit rating of the Novgorod Region was withdrawn (Table. 19).

Table Standard&Poors international credit rating in the 1st quarter of 2011.

In foreign currency / Name of the issuer In national currency / Forecast Forecast 1 2 Sovereign ratings Russian Federation BBB/Stable/ +/Stable/ Rating of regional and local authorities Bashkortostan BB+/ Stable / BB+/ Stable / Bratsk The rating withdrawn Volgograd Region BB/Negative/ BB/ Negative / Vologda Region BB/ Negative / BB/ Negative / Urban District of Balashikha The rating withdrawn Section 3.

Financial Markets and Financial Institutes (continued) table 1 2 Dzerzhinsk B/Stable/ B/Stable/ Irkutsk Region B-/Positive/ B-/Positive/ Kaluga Region The rating withdrawn Klin Region The rating withdrawn Krasnodar Territory BB/Stable/ BB/Stable/ Krasnoyarsk Territory BB+/Negative/ BB+/ Negative / Leningrad Region BB/Positive/ BB/Positive/ Lipetsk Region BB/ Stable / BB/ Stable / Moscow BBB/ Stable / BBB/ Stable / Moscow Region The rating suspended Nizhny Novgorod BB/Positive/ BB/Positive/ Novgorod Region The rating withdrawn Novosibirsk BB/ Positive / BB/ Positive / Omsk The rating withdrawn Samara Region BB+/Negative/ BB+/ Negative / St. Petersburg BBB/ Stable / BBB/ Stable / Saha (Yakutia) BB/ Positive / BB/ Positive / Sverdlov Region BB/ Positive / BB/ Positive / Stavropol Territory B+/ Stable / B+/ Stable / Surgut BB/ Positive / BB/ Positive / Tatarstan The rating withdrawn Tver Region B+/ Stable / B+/ Stable / Tomsk Region B+/ Positive / B+/ Positive / Ufa BB/ Stable / BB/ Stable / KhantyMansiisk Autonomous BBB/ Positive / BBB/ Positive / Region Chelyabinsk Region BB+/ Stable / BB+/ Stable / Yamalo-Nenetsk Autonomous Region BBB-/ Stable / BBB-/ Stable / The source: The Standard&Poors.

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