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The biggest issuers of debt securities were as follows: Moscow Oblast, whose aggregate issue amounted to 18.7 bn roubles, or to 25.6% of the aggregate vol ume of territorial issues; Moscow city 17.4 bn roubles, or 23.8%; Samara Oblast 4.5 bn roubles, or 6.1%; Irkutsk Oblast 4.2 bn roubles, or 5.7%, and St. Peters burg 4.1 bn roubles, or 5.5%. Thus, the five biggest issuers produced 61.2% of the total volume of placed regional and municipal bonds.

Besides, big issues were placed by the following entities: the Republic of Sakha (Yakutia) 2.5 bn roubles, Yaroslavl Oblast 2.4 bn roubles, the Republic of Tatarstan 2.3 bn roubles, Nizhnii Novgorod Oblast 2.0 bn roubles, and the Re public of Bashkortostan 1.5 bn roubles (Table 32).

Table Placement of subfederal and municipal securities in Issue volume, Issuers share in total Ratio of issue vol Federations subject thousand rou issue volume, in ume to domestic bles % borrowings, in % 1 2 3 Central Federal Okrug Belgorod Oblast 1 020 000.0 1.4 90.Briansk Oblast 300 000.0 0.4 12.Voronezh Oblast 500 000.0 0.7 21.Kaluga Oblast 1 300 000.0 1.8 53.Lipetsk Oblast 1 800 000.0 2.5 100.Moscow Oblast 18 740 516.5 25.6 38.Tambov Oblast 100 000.0 0.1 19.Tula Oblast 1 500 000.0 2.0 18.Yaroslavl Oblast 2 411 027.5 3.3 55.Moscow 17 433 218.9 23.8 97.North Western Federal Okrug The Republic of Karelia 500 000.0 0.7 24.St. Petersburg 4 058 466.3 5.5 100.Southern Federal Okrug Astrakhan Oblast 500 000.0 0.7 6.Volgograd Oblast 1 236 454.8 1.7 29.Volga Federal Okrug Republic of Bashkortostan 1 519 600.0 2.1 100.Republic of Marii El 499 136.2 0.7 66.Republic of Tatarstan 2 300 000.0 3.1 29.Section Monetary and budgetary spheres 1 2 3 Republic of Chuvashia 1 000 000.0 1.4 83.Nizhnii Novgorod Oblast 2 000 000.0 2.7 44.Kirov Oblast 600 000.0 0.8 32.Samara Oblast 4 500 000.0 6.1 79.Penza Oblast 800 000.0 1.1 38.Ural Federal Okrug Kurgan Oblast 500 000.0 0.7 68.Sverdlovsk Oblast 172 800.4 0.2 43.Khanty Mansi AO 507 000.0 0.7 64.Siberian Federal Okrug Irkutsk Oblast 4 150 230.0 5.7 48.Novosibirsk Oblast 300 000.0 0.4 2.Tomsk Oblast 68 962.1 0.1 1.Far Eastern Federal Okrug Republic of Sakha (Yakutia) 2 500 000.0 3.4 31.Amur Oblast 75 500.0 0.1 3.Magadan Oblast 450 000.0 0.6 48.Source: the IETs estimates, based on the data of the Federal Treasury.

So far, a high level of securitization has been observed predominantly in re spect of biggest issuers: Moscow 99.2% and St. Petersburg 100%. Borrowings exclusively in the form of issue of securities were made by Lipetsk Oblast. The level of securitization of borrowings in Belgorod Oblast amounted to 92.4%, in the re public of Komi to 87.7%.

The aggregate volume of net borrowings on the market of subfederal and mu nicipal securities, earmarked to cover the deficit budget, and the refinancing of debt against bank credits amounted in 2006 to 36.5 bn roubles, having increased on 2005 (20.9 bn roubles) by more than 1.5 times (Table 33).

Table Volume of net borrowings on the market of domestic subfederal and municipal securities, thousand roubles Consolidated regional budget Regional budgets Municipal budgets 1 2 3 Net borrowings 36 489 742 35 161 627 1 328 Attraction of resources 73 288 653 66 524 832 6 763 Redemption of debt proper 36 798 911 31 363 205 5 435 Net borrowings 20 887 596 16 939 894 3 947 Attraction of resources 81 220 540 75 016 756 6 203 Redemption of debt proper 60 332 944 58 076 863 2 256 Net borrowings 47 880 300 44 470 128 3 410 Attraction of resources 79 436 708 74 995 965 4 440 Redemption of debt proper 31 556 408 30 525 837 1 030 Net borrowings 41 908 199 40 043 511 1 864 Attraction of resources 61 712 635 59 012 901 2 699 Redemption of debt proper 19 804 436 18 969 390 835 Net borrowings 17 696 530 17 153 760 542 RUSSIAN ECONOMY IN trends and outlooks 1 2 3 Attraction of resources 29 141 777 28 169 158 972 Redemption of debt proper 11 445 247 11 015 398 429 Net borrowings 6 601 447 6 667 592 66 Attraction of resources 15 123 785 14 226 931 896 Redemption of debt proper 8 522 338 7 559 339 962 Net borrowings 1 877 328 2 286 175 408 Attraction of resources 13 042 220 10 090 208 2 952 Redemption of debt proper 14 919 548 12 376 383 2 543 Source: the RF Ministry of Finance and the Federal Treasury.

The majority of the regions regularly issuing debt securities were continuing this activity in 2006. Since 1999, bonds have been issued every year by Moscow, St. Petersburg, the Republic of Chuvashia, and Volgograd Oblast. Since 2000 by Tomsk Oblast, the Republic of Komi, and Ekaterinburg. Since 2001 by Irkutsk Oblast (Table 34).

Table Registration of prospectuses for the issue of subfederal and municipal se curities in 1999Issuer 1999 2000 2001 2002 2003 2004 2005 1 2 3 4 5 6 7 8 Moscow * * * * * * * * St. Petersburg * * * * * * * * Republic of Chuvashia * * * * * * * * Volgograd Oblast * * * * * * * * Tomsk Oblast * * * * * * * Republic of Komi * * * * * * * Irkutsk Oblast * * * * * * Moscow Oblast * * * * * Republic of Sakha (Yakutia) * * * * * Yaroslavl Oblast * * * * Krasnoyarsk Krai * * * * Republic of Bashkortostan * * * * * Republic of Karelia * * * Lipetsk Oblast * * * Nizhnii Novgorod Oblast * * * Voronezh Oblast * * * Belgorod Oblast * * * * Tver Oblast * * * * Samara Oblast * * * Kirov Oblast * * Republic of Marii El * * * * Kaluga Oblast * * Tambov Oblast * * Irkutsk Oblast * Kurgan Oblast * Penza Oblast * Tula Oblast * Khabarovsk Krai * * * * Novosibirsk Oblast * * * * Kostroma Oblast * * * Republic of Kabardino * * Balkaria Republic of Udmurtia * Leningrad Oblast * * * * Yamal - Nenets AO * * Krasnodar Krai * Briansk Oblast * Khanty-Mansi AO * * Murmansk Oblast * * Republic of Mordovia * Section Monetary and budgetary spheres 1 2 3 4 5 6 7 8 Sakhalin Oblast * Kursk Oblast * Stavropol Krai * Primorskii Krai * Municipalities Ekaterinburg * * * * * * * Novosibirsk * * * * Volgograd * * * * * * * Kazan * * Klin raion, Moscow Oblast * * Odintsovo raion, Moscow * * Oblast omsk * * * Noginsk raion, Moscow * * Oblast Astrakhan * Blagoveshchensk * Briansk * Voronezh * Lipetsk * Magadan * Orekhovo Zuevo, * Moscow Oblast omsk * Yaroslavl * Yuzhno Sakhalinsk * * * Krasnoyarsk * * * Novocheboksarsk * * * * Cheboksary * * Angarsk * Vurnarsk raion, Republic * of Chuvashia Shumerlia, Republic * of Chuvashia Ufa * * * Barnaul * Perm * Nizhnii Novgorod * Kostroma * * Arkhangelsk * Dzerzhinskii * Source: the RF Ministry of Finance.

The credit potential of territorial authorities Credit rating The substantial fall in the ratio of accumulated sovereign debt to GDP (asso ciated with high rate of economic growth in Russia, early redemption of foreign debts by the federal government, and the stregthnening, in real terms, of the rou bles exchange rate), as well as the growing volume of the Stabilization Fund and the gold and foreign currency reserves in recent years, have all accounted for Rus sias growing credit rating among other countries. At the same time, the credit rat ing of territorial authorities has also been growing. In 2006, Moscows international credit rating went up, alongside the sovereign rating of the Russian Federation, to the level +, as estimated by Standard&Poor's and Fitch, and since November of last year has stayed at the level Baa2, as estimated by Moodys.

RUSSIAN ECONOMY IN trends and outlooks Besides, Moodys estimated as being at the level of sovereign credit rating the credit rating of the city of St. Petersburg. Standard&Poor's and Fitch estimated the rating of St. Petersburg as being two grades below the sovereign level, or , which, however, also placed it in the category of investment level. The other Russian regions and municipal formations did not manage to meet the in vestment level credit rating of either of the rating agencies (Table 35).

Table Standard&Poors international credit rating as of early Issuer In foreign currency / Forecast In national currency / Forecast Sovereign Ratings Russian Federation BBB+/Stable BBB+/Stable Ratings of regional and local authorities Balashikha raion B/Stable B/Stable Bashkortostan BB/Stable BB/Stable Bratsk B/Stable / / Volgograd Oblast B+/Stable B+/Stable Vologda Oblast B+/Stable / / Irkutsk Oblast B+/Stable / / Klin raion B /Positive B /Positive Krasnodar Krai BB /Stable BB /Stable Leningrad Oblast B+/Positive / / Moscow BBB+/Stable / / Moscow Oblast BB/Positive BB/Positive Nizhnii Novgorod BB /Stable BB /Stable Novosibirsk B/Positive / / Omsk B/Stable / / Samara Oblast BB /Positive / / St. Petersburg BBB /Stable BBB /Stable Sverdlovsk Oblast BB/Stable BB/Stable Stavropol Krai B/Positive B/Positive Surgut BB /Stable / / Tatarstan BB /Stable BB /Stable Ufa B+/Stable B+/Stable Khanty Mansi AO autonomous BB+/Positive / / Okrug Yamal Nenets Autonomous Okrug BB+/Stable/ / / Source: Standard&Poors.

The regulation of state debt in regional budgets Against the backdrop of an improving budgeting situation in the majority of subjects of the Russian Federation, the process of stale debt regulation became more intensive. According to the data published by the RF Ministry of Finance, the volume of stale (non regulated) debt against the liabilities of regions as of October 2006 had gone down, by comparison with October 2005, more than twice by 7.bn roubles in nominal terms, or from 14.2 to 7.0 bn roubles. By comparison with Section Monetary and budgetary spheres October 2004 (29.0 bn roubles), stale debt decreased by more than four times, amounting to only 0.22% of the budget revenue of the Federations subjects, or less than 0.03% of GDP.

The most serious situation in respect of non regulated debt against debt li abilities was observed in the following regions: in Tumen Oblast 2.6 bn roubles, or 1.8% of budget revenue, in Samara Oblast 1.3 bn roubles, or 2.5% of budget revenue, in Irkutsk Oblast 1.1 bn roubles, or 2.9% of budget revenue.

Besides, the arrears of receivables in regional budgets continued to decrease at a high rate, having been reduced in 2006 by 23.1 bn roubles, and amounted, as of the years end, to 57.9 bn roubles. One in one tenth of all the regions the volume of debt increased by the aggregate value of 2.2 bn roubles.

Table Stale (non regulated) debt against liabilities of subjects of the Federation Ratio of stale (non Volume of stale (non regulated) debt to regulated debt)* budget revenue, %** Central Federal Okrug Belgorod Oblast 137 867 0.Briansk Oblast 39 Kostroma Oblast 105 322 1.Kursk Oblast 77 982 0.Moscow Oblast 9 280 0.Tver Oblast 151.4 0.Yaroslavl Oblast 709 612 3.North Western Federal Okrug Kaliningrad Oblast 7 187 0.Novgorod Oblast 33 549 0.Pskov Oblast 414 Southern Federal Okrug The Republic of Adygeya 35 700 0.Volgograd Oblast 36 154 0.Volga Federal Okrug The Republic of Bashkortostan 31 311 0.The Republic of Chuvashia 14 450 0.Nizhnii Novgorod Oblast 2 190 0.Orenburg Oblast 367 528 1.Samara Oblast 1 341 794 2.Saratov Oblast 1 170 Ural Federal Okrug Kurgan Oblast 84 781 0.Tumen Oblast 2 571 397 1.Siberian Federal Okrug Irkutsk Oblast 1 050 000 2.Novosibirsk Oblast 3 120 0.Far Eastern Federal Okrug Primorskii Krai 377 750 1.* Data as of 1 October 2006.

RUSSIAN ECONOMY IN trends and outlooks ** The relation of stale (unregulated) debt as of 1 October 2006 to a regional (non consolidated) budgets revenue of the year 2006.

Source: the IETs estimates, based on the data of the RF Ministry of Finance.

2.5.3. Stock Market According to the results of the year, the Russian Stock Market in 2006 grew significantly, like in preceding year. Such a rapid growth of the Russian Stock Mar ket was caused by several key factors, namely fairly favorable conditions in the world markets of oil and metals, which allowed the revenues of the budget system of the Russian Federation to significantly exceed the estimates, the same is true with regard to the Stabilization Fund of the Russian Federation. Moreover, in sum mer of 2006 the RF has completely recovered its debt to the Paris Club of Credi tors. All those factors contributed to upgrading of the sovereign rating of Russia with the leading rating agencies; thus, Standard & Poors and Fitch have upgraded its rating by one point to the level of + within the year. The macroeconomic situation was also favorable, combating with the inflation was successful and con sumer prices did not go beyond the forecasted range. In July 2006, the Russian government has taken actions on further liberalization of foreign currency legisla tion, what has also contributed to the market dynamics, since the last barriers for capital movement were removed.

Internal corporate news played a significant role as well. According to the out comes of the first two three quarters of 2006, financial performance results of most companies involved in the raw materials, telecommunication and some other sectors were considerably beyond the indicators of 2005, which made such com panies more attractive in terms of investment. In addition, developments in electric power and telecommunication sectors (like Svyazinvest privatization) contributed to the upward movement of that sector securities. Liberalization of Gazprom and IPO Rosneft shares, actively traded for population, became a significant factor for the market.

In the past 2006, the Russian RTS Stock Market grew by 731.58 points from 1190.34 to 1921.92 points, which accounts for 61.46 per cent of the index value at closing on January 10, 2006 (against 85.26 per cent in 2005). Thus, in 2006, the stock market again dem onstrated a fairly impressive growth as opposed to the preceding year. The mini mum growth of RTS index in 2006 1190.34 was recorded in the first trading session of the last year, while the historical maximum 1921.92 points was at tained on December 29. Regarding investment activity in 2006, it grew as opposed to the previous year of 2005. In particular, the trading turnover in the classic stock market in the RTS amounted in 2006 to nearly USD 16.5 bln with an average daily turnover of USD 65 mln, which was far beyond the corresponding figure of (nearly USD 7.65 bln with an average daily turnover at the level of USD 30.86 mln).

Hence, the trading volume has been nearly doubled in 2006 as opposed to the cor responding indicator of 2005.

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