On July, 2002 OJSC North Western Telecom paid out the first coupon on its interest-bearing pay-to-bearer coupon bond (state registration number 4-01-00119-?).  The bond carries a 20% annual interest rate.  The payout is to be made on schedule and in full.  The total amount of revenue to be paid out under the coupon is in the neighborhood of Rub 15 mn.  The payment agent for the coupon payment is Telecombank.  North Western Telecom make an irrevocable offer on the first day of coupon payment.  Not a single request was made for redemption on that date, however, which shows the high degree of trust that investors have in North Western Telecom, as a reliable issuer.   

The total trade turnover for OJSC North Western Telecom bonds on MICEX and SPICEX was around Rub 40 mn with over 30 separate transactions.  Considering the size of the issue, these data show the high level of liquidity offered by OJSC North Western Telecom bonds.  The next coupon period will also be three months and payment is to be made on October 9, 2002.  This coupons is to yield a 19% annual interest rate.   

The main features of NWT's series 01 interesting-bearing coupon bond payable to bearer are as follows: 

-         Amount of issue - Rub 300 mn at nominal value, Rub 1,000 = nominal value per bond;

-         Circulation period = 730 days;

-         Length of first two coupon periods = three months, three subsequent periods = six months;

-         The issuer plans to make irrevocable offers throughout the entire period of the bond's circulation;

-         Placement of the bond got under way April 10, 2002 simultaneously on two markets: SPICEX and MICEX. 

-         Marketmakers for the issue are: ZAO Telecombank, AKB MDM Bank, AKB Bank Menatep St. Petersburg; 

The bond issue was registered with the Federal Securities Committee of the Russian Federation on March 5, 2002.  On May 15, 2002 the Federal Securities Committee of the Russian Federation approved a report on the results of the bond issue of OJSC North Western Telecom.  The bonds were made available for trading on MICEX and SPICEX at the end of May.