The OJSC FETEC (Dalsvyaz) distributed a 3-year loan for 1 bln rubles on November 19, 2003. Bonds had nominal value of 1,000 rubles. Yield of bonds is paid every half a year and makes up 14,5% annually per first year of circulation, 15% annually per the second year of circulation and 13% respectively per the third year of circulation. Secondary circulation of bonds on MIFCE started on December 29, 2003.

According to a month results of circulation (from end of December 2003 to January 2004) 129 transactions with total amount of 755 854 626,8 rubles were made. In total 732349 were sold by secondary distribution by tender i.e. 73% of total issue. 76 transactions were on public market, 42 transactions were made by negotiations and 11 transactions were repo.

Weighted average price of market transactions was 106,8% of nominal value, that of negotiating transactions was 104,6% of nominal value. Tender volume is – 58,9 mln. rubles under market transactions and about 542,97 mln under negotiation transactions.

Value of OJSC FETEC (Dalsvyaz) bonds as of late January 2004 on secondary market was 108% of nominal value.

Thus investors that bought FETEC (Dalsvyaz) bonds under primary distribution had yield of 3 to 5% of market value growth for two months and a half i.e. from 15 to 38% per annum according to annual reappraisal. And he we do not take into account accumulated coupon yield on bonds which was over 3% for two months and a half.