The Listing Committee of the Russian Trading System (RTS) has passed resolution to accept the bonds of North Western Telecom for trading effective October 18, 2002.  

North Western Telecom issued documentary pay-to-bearer interest-bearing bonds with central custody on March 6, 2002. The placement was held simultaneously on Russia's two major stock exchanges, MICEX and SPICEX on April 10, 2002.  

Over 90,000 bonds have changed hands on stock exchanges and over-the-counter trading facilities from July 10, 2002 to October 1, 2002.  This accounts for roughly 30 percent of the total trade volume of the issue.  

As a result of this development, NWT bonds will now be officially quoted on the country's largest trade system. According to preliminary feedback from professional stock market players, securities brokers and a number of major market makers, the RTS is ready and willing to launch and support NWT bonds. 

Vice director general for corporate governance Nikolai Bredkov was quoted as saying that "North Western Telecom is trying to raise the number of its trade venues where transactions involving the company's shares can be held.  NWT also expects to see an increase in the number of professional securities brokers willing to perform transactions with the company's papers." 

For the record  

The main parameters of North Western Telecom's documentary interest-bearing pay-to-bearer series 01 bond (state registration number 4-01-00119-A are as follows:  

Volume of issue - Rub 300 mn par value with the nominal value of each bond equal to Rub 1,000.  Term to maturity is 730 days.  Duration of two coupon periods is three months (first two coupons) and six months (third to fifth).   

The issuer intends to make an irrevocable redemption offer which will be valid throughout the entire life of the issue.  

The bond placement was held on April 10, 2002 on two markets simultaneously: SPICEX and MICEX.  Market makers for the issue include ZAO Telecombank, AKB MDM Bank (OJSC), AKB Bank Menatep, Saint Petersburg (OJSC).  

The bond issue was registered pursuant to a resolution passed by the Federal Securities Committee (FSC) on March 6, 2002.  FSC approved a report on the results of the issue on May 15, 2002. Trading got under way on MICEX and SPICEX around the end of May.