11 Nov 2009 15:50

VEB begins preparing debut issue of Eurobonds under Medium Term Notes program

MOSCOW. Nov 11 (Interfax) - Vnesheconombank (VEB) has begun preparing documentation for a debut issue of Eurobonds under the Medium Term Notes (MTN) program, VEB said in a statement.

Once preparatory work is completed, the documents will be presented to VEB's management board and supervisory board, which will make a decision on whether to go ahead with the issue.

The proceeds from the bond issue will be used to finance current lending operations.

The bank's annual report for 2008 said it might issue Eurobonds abroad in 2009 if the market improves.

VEB planned to issue five-year notes in accordance with 144