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4,93

0,90

4,26

0,98

–71,4

Khabarovsk Krai

28994,9

–2321,5

–8,01

10,96

1,77

10,04

2,54

–22,1

Amur Oblast

17250,9

–163,9

–0,95

6,03

0,72

5,73

0,86

–76,2

Kamchatka Oblast

12459,2

167,3

1,34

6,05

0,76

5,59

3,13

56,6

Magadan Oblast

10297,7

–12,9

–0,13

3,29

–0,37

3,67

1,88

296,0

Sakhalin Oblast

15416,3

–362,4

–2,35

7,47

3,08

4,70

1,82

–131,1

Jewish Autonomous Oblast

3930,1

–50,9

–1,30

1,48

0,49

1,03

3,68

–37,9

Koryak Autonomous National Area

2377,0

–115,0

–4,84

13,88

5,78

8,41

1,64

–119,5

Chukotka Autonomous National Area

11760,6

–566,0

–4,81

0,26

–0,67

0,93

4,39

14,0

Total

189190,0

6692,4

3,54

7,27

2,27

5,38

1,88

64,2

Total Federal Districts

2246176,3

49960,7

2,22

10,34

2,17

9,05

4,22

97,5

Source: IET’s estimates based on the data from the RF Ministry of Finance.

Domestic bond loans

In 2003, 23constituent entities of the Russian Federation and 7municipalities (against 20regional and 5municipal loans in 2002) registered their bond loans. Total volume of the placed bonds was 67,1bln rubles in 2003versus 29,1bln rubles in 2002, and hence grew from 0,27to 0,46% of the GDP (Table 31).

Eighty six percent (41,9bln rubles) out of the total net borrowings (48,7bln 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 2to 5%, while it was 6to 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 78bln rubles by late November 2003.

Table 31

Issuing of Subfederal and Municipal Securities (% of the GDP)

Year

1996

1997

1998

1999

2000

2001

2002

2003

Issue

0,63

0,77

0,47

0,31

0,19

0,17

0,27

0,46

Redemption

0,47

0,56

0,48

0,36

0,46

0,23

0,10

0,15

Net financing

0,16

0,22

–0,01

–0,05

–0,27

–0,07

0,16

0,31

Source: IET’s estimates 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 29,7bln rubles or 48,1% of the total territorial issue, St. Petersburg – 8,9bln rubles or 14,5%, Moscow Oblast – 3,6bln rubles or 5,8%, Khanty-Mansi Autonomous National Area – 3,0bln 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 – 2,2bln rubles, Novosibirsk Oblast – 2,1bln rubles, Yamalo-Nenets Autonomous National Area – 1,9bln rubles, Sakha Republic (Yakutiya) – 1,5bln rubles, Samara Oblast – 1,2bln rubles, and Tver Oblast – 1,0bln rubles (Table 32).

Table 32

Placement of Securities in 2003

Constituent entity of the Russian
Federation

Size of issuance (thousand rubles)

Size of issuance
in domestic
borrowings (%)

Share in total
issuance (%)

1

2

3

4

Belgorod Oblast

320000

31,5

0,5

Voronezh Oblast

50

Kostroma Oblast

169259

18,3

0,3

Moscow Oblast

3568718

18,9

5,8

Tver Oblast

1000000

43,9

1,6

Yaroslavl Oblast

500000

19,7

0,8

Moscow

29701532

84,1

48,1

Republic of Kareliya

248910

20,5

0,4

Komi Republic

672700

32,4

1,1

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