Documentary bearer bonds with obligatory centralized custody of their certificate and a nominal value of 1,000 rubles will be floated on the MICEX. The number of non-competitive applications (the bid for a certain amount of securities, equal to the average price of the accepted competitive applications) stands at not more than 50% of the total number of applications submitted by a dealer. The bonds must be paid off on December 15, 2005.
In accordance with the decision to issue bonds of the Bank of Russia, the bonds will be retired on September 27, 2004 and December 9, 2005.
The decision to issue bonds was approved by the Board of Directors of the Bank of Russia at its meeting on August 6, 2004. The bonds circulate among credit organizations.
