Source: IET’s estimates based on the data from the RF Ministry of Finance.
Domestic bond loans
In 2003, 23 constituent entities of the Russian Federation and 7 municipalities (against 20 regional and 5 municipal loans in 2002) registered their bond loans. Total volume of the placed bonds was 67,1 bln rubles in 2003 versus 29,1 bln rubles in 2002, and hence grew from 0,27 to 0,46 % of the GDP (Table 31).
Eighty six percent (41,9 bln rubles) out of the total net borrowings (48,7 bln rubles) was accounted for an increase in net borrowings in the securities market in 2003.
Bond placement was promoted by low interest rates in the government securities market: the spread between OFZ and bonds of Moscow and St. Petersburg was registered 2 to 5 %, while it was 6 to 7 % regarding other issuers, for instance, at the Murmansk Oblast and the Republic of Kareliya, which exceeded insignificantly the inflation rate. The subfederal bond market was tripled over the year thus reaching 78 bln rubles by late November 2003.
Issuing of Subfederal and Municipal Securities (% of the GDP)
Source: IET’s estimates по данным The RF Ministry of Finance.
In 2003, the following regions registered their prospectus for bonds issue with the RF Ministry of Finance. Moscow, St. Petersburg, Chuvash Republic, Volgograd Oblast, Tomsk Oblast, Komi Republic, Leningrad Oblast, Irkutsk Oblast, Moscow Oblast, Belgorod Oblast, Tver Oblast, Khanty-Mansi Autonomous National Area, Khabarovsk Krai, Murmansk Oblast, Kostroma Oblast, Sakha Republic (Yakutiya), Mari-El Republic, Novosibirsk Oblast, Yamalo-Nenets Autonomous National Area, Yaroslavl Oblast, Samara Oblast, Tambov Oblast, Krasnoyarsk Krai, Volgograd, Ekaterinburg, Ufa, Uzhno-Sakhalinsk, Krasnoyarsk, Novosibirsk, and Tomsk.
Among the major issuers of debt securities were Moscow which accounted for 29,7 bln rubles or 48,1 % of the total territorial issue, St. Petersburg – 8,9 bln rubles or 14,5 %, Moscow Oblast – 3,6 bln rubles or 5,8 %, Khanty-Mansi Autonomous National Area – 3,0 bln rubles or 4,9 %. Thus, the four major issuers accounted for 73,3 % of the total regional and municipal issues placed.
Substantial bond issues were also placed at Krasnoyarsk Krai – 2,2 bln rubles, Novosibirsk Oblast – 2,1 bln rubles, Yamalo-Nenets Autonomous National Area – 1,9 bln rubles, Sakha Republic (Yakutiya) – 1,5 bln rubles, Samara Oblast – 1,2 bln rubles, and Tver Oblast – 1,0 bln rubles (Table 32).
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