Книги по разным темам
Pages: | 1 | ... | 5 | 6 | 7 | 8 | 9 | ... | 15 | 4,93
0,90
4,26
0,98
–71,4
Khabarovsk Krai
28а994,9
–2а321,5
–8,01
10,96
1,77
10,04
2,54
–22,1
Amur Oblast
17а250,9
–163,9
–0,95
6,03
0,72
5,73
0,86
–76,2
Kamchatka Oblast
12а459,2
167,3
1,34
6,05
0,76
5,59
3,13
56,6
Magadan Oblast
10а297,7
–12,9
–0,13
3,29
–0,37
3,67
1,88
296,0
Sakhalin Oblast
15а416,3
–362,4
–2,35
7,47
3,08
4,70
1,82
–131,1
Jewish Autonomous Oblast
3а930,1
–50,9
–1,30
1,48
0,49
1,03
3,68
–37,9
Koryak Autonomous National Area
2а377,0
–115,0
–4,84
13,88
5,78
8,41
1,64
–119,5
Chukotka Autonomous National Area
11а760,6
–566,0
–4,81
0,26
–0,67
0,93
4,39
14,0
Total
189а190,0
–6а692,4
–3,54
7,27
2,27
5,38
1,88
–64,2
Total Federal Districts
2а246а176,3
–49а960,7
–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, 23аconstituent entities of the Russian Federation and 7аmunicipalities (against 20аregional and 5аmunicipal loans in 2002) registered their bond loans. Total volume of the placed bonds was 67,1аbln rubles in 2003аversus 29,1аbln rubles in 2002, and hence grew from 0,27аto 0,46а% of the GDP (Table 31).
Eighty six percent (41,9аbln rubles) out of the total net borrowings (48,7аbln 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 2аto 5а%, while it was 6аto 7а% 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 78аbln 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 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 29,7аbln rubles or 48,1а% of the total territorial issue, St. Petersburg – 8,9аbln rubles or 14,5а%, Moscow Oblast – 3,6аbln rubles or 5,8а%, Khanty-Mansi Autonomous National Area – 3,0аbln rubles or 4,9а%. Thus, the four major issuers accounted for 73,3а% of the total regional and municipal issues placed.
Substantial bond issues were also placed at Krasnoyarsk Krai – 2,2аbln rubles, Novosibirsk Oblast – 2,1аbln rubles, Yamalo-Nenets Autonomous National Area – 1,9аbln rubles, Sakha Republic (Yakutiya) – 1,5аbln rubles, Samara Oblast – 1,2аbln rubles, and Tver Oblast – 1,0аbln rubles (Table 32).
Table 32
Placement of Securities in 2003
Constituent entity of the Russian | Size of issuance (thousand rubles) | Size of issuance | Share in total |
1 | 2 | 3 | 4 |
Belgorod Oblast | 320а000 | 31,5 | 0,5 |
Voronezh Oblast | 50 | Е | Е |
Kostroma Oblast | 169а259 | 18,3 | 0,3 |
Moscow Oblast | 3а568а718 | 18,9 | 5,8 |
Tver Oblast | 1а000а000 | 43,9 | 1,6 |
Yaroslavl Oblast | 500а000 | 19,7 | 0,8 |
Moscow | 29а701а532 | 84,1 | 48,1 |
Republic of Kareliya | 248а910 | 20,5 | 0,4 |
Komi Republic | 672а700 | 32,4 | 1,1 Pages: | 1 | ... | 5 | 6 | 7 | 8 | 9 | ... | 15 | Книги по разным темам
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