Results of bond trading on MICEX
Results of the latest auctions for the placement of state bonds

Auction date Series Issue volume (billion rubles) Demand (billion rubles) Revenue at par (billion rubles) Maturity date Revenue (billion rubles) Cut-off price (% of par) Weighted average price (% of par) Weighted average yield (% per annum)

01/08/97	22067	7500	8623.07	5704.60	01.10.97	4491.81	78.54	78.74	37.05
01/08/97	22066	4000	6817.05	3499.43	06/11/97	3029.50	86.45	86.57	36.77
01/15/97	22068	7500	11190.16	6666.95	08.10.97	5367.55	80.38	80.51	33.22
01/22/97	22066	7000	9131.53	6758.32	06/11/97	5979.04	88.31	88.48	33.98
01/29/97	22065	4000	6521.83	3421.35	08/20/97	2906.43	84.91	84.95	31.85
01/29/97	22060	4000	7371.04	3497.58	09.17.97	2906.50	82.95	83.10	32.13
02/05/97	22069	4000	6400.39	3833.70	07/16/97	3302.34	86.01	86.14	36.48
02/05/97	22070	7000	9297.52	6029.66	11/19/97	4698.91	77.71	77.93	36.02
02/12/97	22071	4500	6940.84	4252.24	08/27/97	3698.18	86.57	86.97	27.90
02/12/97	22072	7000	11040.46	6910.93	11/26/97	5591.63	80.91	80.91	30.01
02/19/97	22073	4000	5524.05	3654.25	06.08.97	3209.18	87.66	87.82	30.13
02/19/97	22074	7500	9206.41	5775.66	12/10/97	4630.32	80.04	80.17	30.71
02/26/97	21072	4500	6227.85	2960.95	05.28.97	2761.38	93.13	93.26	28.99
02/26/97	23002	7500	12227.00	6944.76	02/18/98	5328.72	76.73	76.73	31.01
03/05/97	22069	4500	4310.50	3203.05	07/16/97	2883.70	89.86	90.03	30.39
03/05/97	22075	7500	8463.20	6864.98	10.29.97	5750.79	83.41	83.77	29.71
03/12/97	21071	4000	6221.70	3536.94	08/27/97	3048.49	86.07	86.19	34.81
03/12/97	23003	9000	11968.20	5752.02	03/04/98	4302.51	74.51	74.80	34.44
03/19/97	22076	4000	4520.30	3229.15	09.10.97	2765.12	85.37	85.63	35.00
03/19/97	22077	7000	8091.30	6211.68	01/14/98	4829.58	77.44	77.75	34.70
03/26/97	22078	10000	9891.90	5439.51	03.12.97	4343.44	79.73	79.85	36.55
04/02/97	22079	7000	10831.20	6493.65	10/22/97	5398.17	82.94	83.13	36.49

Results of the latest OFZ auctions

Auction date Series Issue volume (billion rubles) Demand (billion rubles) Revenue at par (billion rubles) Maturity date Revenue (billion rubles) Cut-off price (% of par) Weighted average price (% of par) Weighted average yield (% per annum)

05.15.96	24002	1000	1525.35	321.52	07.24.96	323.66	95.31	95.46	113.39
06/19/96	24002	4000	4169.60	2781.56	07.24.96	4493.40	94.86	95.94	125.19
07/17/96	24008	2000	2676.80	1179.81	07/15/98	1115.80	88.50	94.57	103.84
07/31/96	24008	2000	1931.53	601.44	07/15/98	553.16	87.00	89.04	139.58
09.11.96	24003	3500	3841.43	2273.00	02/26/97	2216.48	95.00	95.25	83.08
10.23.96	24009	2500	3647.80	1446.32	10.21.98	1302.14	88.00	90.03	91.94
06.11.96	24007	2500	3167.55	1407.84	03/11/98	1453.14	93.70	94.00	118.83
11/27/96	24003	3000	3132.06	2103.68	02/26/97	2133.35	100.30	100.46	38.03
04.12.96	24008	2500	2452.20	1116.22	07/15/98	1157.60	97.00	97.19	70.35
12/11/96	24009	3000	2205.80	700.28	10.21.98	698.62	94.01	94.02	94.97
12/18/96	24010	2000	1800.82	461.84	06/17/98	429.60	92.00	93.02	55.56
12/25/96	24004	2500	2065.90	863.13	05.28.97	891.11	100.08	100.17	37.84
01/15/97	24010	3000	2725.55	1399.74	06/17/98	1442.15	99.91	100.14	36.25
01/22/97	24009	3000	2099.01	628.70	10.21.98	601.23	95.42	95.63	51.21
01/29/97	24010	4000	3340.90	1517.01	06/17/98	1588.10	100.35	100.35	35.12
03/26/97	24010	5000	3755.96	1998.12	06/17/98	2162.36	97.91	98.10	42.45
04/02/97	24011	4000	3010.00	1617.26	03/31/99	1550.47	95.00	95.87	47.70

Newspaper "Kommersant" No. 44 dated 04/03/1997, page 12