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Vologda Oblast

200000

21,9

0,3

Leningrad Oblast

822392

43,8

1,3

Murmansk Oblast

200000

11,9

0,3

St. Petersburg

8939398

100,0

14,5

Volgograd Oblast

891611

28,7

1,4

Republic of Bashkortostan

672512

95,2

1,1

Mari-El Republic

492

0,1

Table 32 cont’d

1

2

3

4

Chuvash Republic

271957

34,7

0,4

Samara Oblast

1185000

21,1

1,9

Sverdlovsk Oblast

103000

7,1

0,2

Khanty-Mansi Autonomous National Area

3000000

63,4

4,9

Yamalo-Nenets Autonomous National Area

1864500

39,2

3,0

Krasnoyarsk Krai

2241647

25,3

3,6

Irkutsk Oblast

506330

22,8

0,8

Novosibirsk Oblast

2088025

4,0

3,4

Tomsk Oblast

488734

10,6

0,8

Sakha Republic (Yakutiya)

1463868

27,9

2,4

Khabarovsk Krai

300000

9,4

0,5

Sakhalin Oblast

292000

25,4

0,5

Total

61712635

26,9

100,0

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

To date, it is mostly the major issuers that provide a high securitization, namely Moscow – 84%, St. Petersburg – 100%, and Khanty-Mansi Autonomous National Area – 63%. However, small issues appeared to be costly due to a considerable transaction expenses associated with issuing, and hence municipalities continued to borrow from banks. Nevertheless, the major cities took more interest in security issuing which tripled placement volumes of municipal bonds last year (Table 33).

Table 33

Net Borrowings Volumes at the Domestic Market of Subfederal and Municipal
Securities (thousand rubles)

Consolidated Regional Budget

Regional Budgets

Municipal Budgets

2003

Net borrowings

41908199

40043511

1864688

Borrowing of funds

61712635

59012901

2699734

Principal redemption

19804436

18969390

835046

2002

Net borrowings

17696530

17153760

542770

Borrowing of funds

29141777

28169158

972619

Principal redemption

11445247

11015398

429849

2001

Net borrowings

6601447

6667592

–66145

Borrowing of funds

15123785

14226931

896854

Principal redemption

8522338

7559339

962999

2000

Net borrowings

–1877328

–2286175

408847

Borrowing of funds

13042220

10090208

2952012

Principal redemption

14919548

12376383

2543165

Source: The RF Ministry of Finance .

The regions with regular access to the capital market were increased in number due to stabilized financial market. Moscow, St. Petersburg, Chuvash Republic, Volgograd Oblast, and Volgograd issued securities annually on regular basis since 1999. omsk Oblast, Komi Republic and Ekaterinburg, since 2000. Laningrad Oblast and Irkutsk Oblast, since 2001 (Table 34).

Table 34

Issuance of Subfederal and Municipal Securities in 1999 2003

Issuer

Emission
registered

Issuer

Emission
registered

Issuer

Emission registered

Constituent entities of the
Russian Federation

1999

2000

2001

2002

2003

Moscow

*

*

*

*

*

St. Petersburg

*

*

*

*

*

Chuvash Republic

*

*

*

*

*

Volgograd Oblast

*

*

*

*

*

Tomsk Oblast

*

*

*

*

Komi Republic

*

*

*

*

Leningrad Oblast

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