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Russia to amend budget law to allow Eurobonds issue
RBC, 08.09.2010, Moscow 12:52:58.The Russian Finance Ministry is poised to draft amendments to the budget law that will allow Russia to place ruble-denominated Eurobonds, Deputy Finance Minister Dmitry Pankin told journalists today. "We would like to be technically ready for ruble-denominated borrowings abroad in November," he stated, adding that the total value of Eurobonds could reach $1-3bn. "This is an acceptable sum for the market," he said. When asked about the potential timeframe for the flotation, Pankin stressed, "The changes will not be ready until November. With that in mind, it is still unclear whether we will be able to place Eurobonds in 2010." The official also noted that the ministry had not yet decided on which banks would act as organizers for the issue. "We have not selected any banks yet, but it will certainly be the leading banks."
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