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Vologda Oblast

200а000

21,9

0,3

Leningrad Oblast

822а392

43,8

1,3

Murmansk Oblast

200а000

11,9

0,3

St. Petersburg

8а939а398

100,0

14,5

Volgograd Oblast

891а611

28,7

1,4

Republic of Bashkortostan

672а512

95,2

1,1

Mari-El Republic

492

0,1

Е

Table 32 cont’d

1	2	3	4
Chuvash Republic	271а957	34,7	0,4
Samara Oblast	1а185а000	21,1	1,9
Sverdlovsk Oblast	103а000	7,1	0,2
Khanty-Mansi Autonomous National Area	3а000а000	63,4	4,9
Yamalo-Nenets Autonomous National Area	1а864а500	39,2	3,0
Krasnoyarsk Krai	2а241а647	25,3	3,6
Irkutsk Oblast	506а330	22,8	0,8
Novosibirsk Oblast	2а088а025	4,0	3,4
Tomsk Oblast	488а734	10,6	0,8
Sakha Republic (Yakutiya)	1а463а868	27,9	2,4
Khabarovsk Krai	300а000	9,4	0,5
Sakhalin Oblast	292а000	25,4	0,5
Total	61а712а635	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 – 84а%, St. Petersburg – 100а%, and Khanty-Mansi Autonomous National Area – 63а%. 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	41а908а199	40а043а511	1а864а688
Borrowing of funds	61а712а635	59а012а901	2а699а734
Principal redemption	19а804а436	18а969а390	835а046
2002
Net borrowings	17а696а530	17а153а760	542а770
Borrowing of funds	29а141а777	28а169а158	972а619
Principal redemption	11а445а247	11а015а398	429а849
2001аг
Net borrowings	6а601а447	6а667а592	–66а145
Borrowing of funds	15а123а785	14а226а931	896а854
Principal redemption	8а522а338	7а559а339	962а999
2000
Net borrowings	–1а877а328	–2а286а175	408а847
Borrowing of funds	13а042а220	10а090а208	2а952а012
Principal redemption	14а919а548	12а376а383	2а543а165

Source: The RF Ministry of Finance РФ.

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. Тomsk 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		*	*	*	*
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