• ACI Russia

08/11/1998 13:02:49 Russia will meet foreign debt obligations - Dep PM

MOSCOW, Aug 11 (Reuters) - Russian Deputy Prime Minister

Viktor Khristenko said on Tuesday he saw no danger of Russia

failing to meet foreign debt obligations and ruled out issuing

new Eurobonds at current low prices.

"The question of a Russian default simply has not been

posed," Khristenko told a news conference.

Russian foreign debt has been trading at record low levels

this week due to what dealers described as a lack of confidence

in the government's ability to extricate the economy from crisis

and an oversupply of Russian paper.

Some dealers thought the market was pricing in the risk of


Khristenko said Russia will not need to return to

international capital markets soon, but if the market recovers a

new issue later this year was not fully ruled out.

The Finance Ministry says it will not return to the Eurobond

market before the end of October, and will only issue a maximum

of $2 billion by the end of the year if conditions are right.

Khristenko said: "Nobody said anything about possible

placement in August or September. What was discussed was

evaluating the possible prospects for going into this market in,

let's say, October, in sufficiently limited volume."

"If the talk is of 30 percent yields, then of course there

can be no placement at such prices," he said.

"As for our programme of financing for next year, will it

collapse? No it will not collapse. The main sources of financing

are not linked to the placement of Eurobonds on the overseas

market," he said.


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