Russian top diplomat believes US-led coalition should take steps to liberate MosulRussian Politics & Diplomacy March 27, 13:46
Kremlin airs its views on 'mass protests' in RussiaRussian Politics & Diplomacy March 27, 13:41
Lavrov says West expresses double-standard reaction to protests across RussiaRussian Politics & Diplomacy March 27, 13:40
Rouhani says Iran's energy sector offers huge potential for Russian investmentBusiness & Economy March 27, 13:26
Press review: More US sanctions against Russia and Moscow ready for deeper oil output cutsPress Review March 27, 13:00
Le Pen says France’s National Front receives no funding from RussiaWorld March 27, 12:30
Lavrov urges Europe to work harder towards implementing Minsk dealRussian Politics & Diplomacy March 27, 12:07
About 700 artillery troops engaged in Crimean coastal defense drillsMilitary & Defense March 27, 12:06
Italian top diplomat urges to restore dialog between Russian and EUWorld March 27, 12:01
MOSCOW, September 23. /TASS/. State-owned companies thwart Russia’s economic growth, former finance minister Alexey Kudrin said speaking at the Moscow Financial Forum. Kudrin, who currently heads the Center for Strategic Development, considers reforms of Russia’s key institutions crucial for the country's competition for new markets. He added that Russia has to double financing of infrastructure.
The expert expects Russia’s budget deficit this year to stand at around 3.7-3.9% of GDP.
Kudrin has also pointed out that oil prices might fall below $30 per barrel in the next 20 years. The official noted that Russia's economically active population would shrink in the next 7 years.
The ex-minister called the placement of Russia’s Eurobonds successful.
"It was quite predictable and successful. Russia has possibilities to gradually place (securities in the future). That is not bad, it reduces pressure on loans on domestic market," Kudrin told reporters on the sidelines of the Moscow financial forum.
Earlier on Friday, Finance Minister Anton Siluanov told reporters at the forum that Russia’s Eurobonds were placed only among foreign investors. The share of investors from the United States was 53%, from Europe - 43%, from Asia - 4%.
On Thursday, September 22, Russia’s Finance Ministry successfully placed the additional issue of ten-year Eurobonds with a coupon rate of 4.75. The amount of additional placement totaled $1.25 billion at nominal value. As a result, the aggregate amount of the issue reached $3 billion at face value.
The total amount of bookbuilding totaled more than $7.5 billion, which is 6 times more than the volume of placement.
The significant demand for the Eurobonds made it possible to raise the initially announced price of sales from 106% to 106.75% of the nominal value. As a result, the yield of the placement amounted to 3.9%, which is 85 basis points lower than the yield of the main issue of Russian Eurobonds in May 2016.