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Use of Balance of Payments Statistics in Foreign Exchange

Policy Formulation: Russias Experience

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Use of Balance of Payments Statistics: Case of Saudi Arabia

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The Use of Balance of Payments Statistics in the

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.

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,
(DMFAS)- .

56

II

2009 ,
,
, .
1.
2.
3.
4.
5.

2009

. ,
,
,

,
15 ,

,

.

-
.

57

14

7.
:

: .

,



EMTN- 300 .

- (coupon payment)
. .
- ( )
.
.
. U.S. Treasury bills, U.S. savings bonds, .
: / coupon rate/ . : 6MLIBOR+bps(70bps)
/Convertible bond - (
)
- ( CPI-
). hedge .
/ Perpetual bonds- (Perpetual Perp), .
(debt note) . : UK- consols.
Tier 1 capital- subordinated debt- . perpetual bonds callable call
5- . .

58

II

Eurobonds

EU
.
.
.
. :
Euroyen bonds, USD- Eurodollar bonds
.

Global
Bonds

Global bond-
. Global bond eurobond-

. global bond
.
.

59

-
Kick of Meeting Due
Diligence

(Settlement Date)
Trade Date + 3

,

Engagement letter

(Trade Date)

Memorandum


Offering Information Memorandum,
Program Agreement Draft

Comfort letter, Program

Agreement

Road Show Presentation

- 75 .
1 15- . USD 150 million Euro
Medium-Term Note Program.

, Corporate Bond

EMTN Program

300 .

/ Program Ba2 for senior debt, Ba2 for junior debt

rating:
/ Sole
ING Bank N.V.
Arranger:
Distribution:

Regulation S only

Governing Law:

English Law

US$ 75

/Tenor:

3-year non-call life

/ Coupon rate:

8.625%

99.676

/Yield:

8.750%

60

II

 75 . 2010 8.625%

:
/ .
Moodys- Ba2, .
2 .
Road Show Presentation 1 8- 2 , ,
, . Road Show Presentation
17 ,
142 . 140
., 161.5 .
.
3 ING coupon rate
9.25 . 8.8759.125 6
8,75-8,875 .
572 . ( 9.5 )
60 . 75 .
. 13 96
.
38
. ING institutional
investors- .
99.676 , 8.625 , 8.75
3 2009 11- 15- 4.625 US Treasury 394
bps .
-

.

- 75 .

Offshore US
6%

Financial Institutions
17%
Singapore
34%

Rest of Europe
16%

Private Banking
38%

UK
17%

Hong Kong
27%

Pension Funds
3%

Fund Management
42%

61

Moodys

Standard & Poors

Aaa
Aa
A

AAA
AA
A

Baa (1, 2, 3)*

Ba (1, 2, 3)*
B (1, 2, 3)*

BBB
BB
B

Caa
Ca
C

CCC
CC
C
DDD
DD
D

* The number 1 added to these

ratings indicates the high end of
the category;
The number 2, the mid-range;
The number 3, the low end.

* The number 1 added to these ratings indicates the high end of the category;
The number 2, the mid-range;
The number 3, the low end.

RATINGS IN LINE WITH CIS PEERS

Foreign Currency Senior Unsecured Debt Ratings: As of the Issue Date

Baa1

Baa2

Baa3

Ba1

Ba2
BANK
CASPIAN

Ba3

B1

NURBANK

Mongolia Sovereign Rating B1

( %)

2008 178
52-
, ,



,

Ba2, Moodys 2

62

II

-




,
-

cross-selling

80
,
, , -

63

15

II

2003 3 26-

,
,
2003 3 26-
.
,
, ,

. :

64

1.

:

, ,
,
;
, ,
; , ,

,
,

2.

:
; , ,
;

;
, ,

,

3.

:
, , ; ;
, , .

4.

, : ; ,
, ,
; , ;
, , ;
,
, ,

II

16

a)

,
.

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

17
18
19
20

-
-

.

.
.

21
22
23

.
.
.

24
25
26
27
28
29
30

()

()

.
.
.
.
.
.
.-

31
32
33
34
35
36
37
38

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

65

39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71

66

.
.

.
.
.

.-
.

.-
.
.
.
.
.
.
.

,

,

.
.
.
.
.
.
.

1
2

,
.
.

4
5

.
.

-
-

6
7
8
9

.
.-
.
.

-
-
-
-

II

10

11
12

.
.

13

.
.
.

,
.
.
.
.
.

10

11
12
13

.
.
.

14

15
16
17
18

.
.
.
.

14
15
16
17
18
19
20
21

1
2
3
4
5
6
7
8
9

67

17

:
.............................................................

.
1. :
a.
b. / , /
c.
d.
e.
f. ,
g. / / ................................................
2. ?
. / /
a. .............................................
b. .............................................
c. ..............................................
. / /
a. .............................................
b. .............................................
c. .............................................
3.
?
a. ,
b. -
c.
d. / / ................................................................
4.
?
a.
b.
c. / /
5. ?
a.
b.
c.
d.
6. ?
a.
b.
c.
7. ?
a.
b.
c.
d.

68

II

8. ?
a.
b.
c.
d.
9. , ?
a.
b.
c.
d.
10.

12 ?
a.
b.
c.
d.
e.

11. 12 ( 12 )
() ?
a.
b.
12. 12 () ?
a. 0-5
b. 6-10
c. 11-15
d. 16-20
e. 21
13. ?
a.
b.
c.
d.
14. ?
a.
b.
c.
d.
e.
f.
15. ?
a. .
b.
c.
d.
e.
f. / / ..........................................
16. ?
a.
b.
c.
d.
:

69

17. ?
a.
b.
c.
d.
18.
?
a.
b.
c.
d.
19.
?
a.
b.
c. 3
d.
20.
?
a. 1
b. 2
c.
d.

e.
21. ?
a.
b.
c.
d.
22. ?
a.
b.
c.
d.
e.

, !

70

II

71

72

II