The Agency and Trust arm of Citibank GSS announced today that the Ministry of Finance of the Russian Federation had appointed it to act as exchange agent for the forthcoming exchange of Foreign Trade Organization (FTO) debt.
The Russian Federation will be inviting holders of FTO debt to tender their positions in return for up to US$2 Billion of Eurobonds. Citibank will provide the Russian Federation and FTO debt holders with a range of transactional banking services in support of the exchange.
“Citibank is pleased to be working again with the Russian Federation on this highly important debt exchange,” says Jeffrey Volk, Managing Director and Head of Citibank Agency and Trust. “Our unique expertise in performing complex debt exchanges has resulted in our appointment, not only on the Russian Federation’s 1998 and 2000 exchanges, but also on the majority of sovereign debt exchanges conducted within the last five years. “
Citibank Agency and Trust has in the past provided debt exchange services for the governments of Argentina, Brazil,Colombia, Ecuador, Pakistan, Panama, Philippines, United Mexican States, Uruguay and Venezuela. Citibank recently supported the Russian Federation on its US$28 Billion London Club Exchange of September 2000.