Nizhni Novgorod, May, 2004: Volga Telecom is set to pay out its fifth coupon on its series VT-1 documentary interest-bearing bond.  Cash payment was transferred in full to the company payment agent for this bond – MDM Bank on May 19, 2004.  

The bond carries an 18% yield or Rub 81 per bond.  The total payout on the fifth coupon for all corporate bonds issued comes to Rub 31,810,000. 

The primary features of the issue are as follows: nominal value of the bond – Rub 1 bln, number of bonds – 1,000,000, nominal value of the bond – Rub 1,000 each, maturity – 3 years. 

Twelve coupon periods with duration of 3 months each are envisaged.  The yield for the first two coupons is 4.75%, 16.5% for the third and fourth coupons, 15% on coupons 5-10 and 13% on coupons 11-12. 

MDM Bank is the arranger, underwriter and payment agent for the bond issue.