Baltic Trust Bank                                          17.02.2005.



Results of the Auction of Hypothecation bonds of «Baltic Trust Bank»



Hypothecation bonds of «Baltic Trust Bank» (BTB) were allocated in full on 

Thursday, 10th of February during the auction at Riga Stock Exchange. 12.550 

bonds BTB 3YR LVL denominated in lats with redemption date the 1st of December 

2007 and 23.000 BTB 5YR USD bonds denominated in dollars with redemption date 

the 1st of December 2009 were offered at the auction.



It was the second auction of hypothecation bonds of BTB. We would like to remind 

that the first auction was also held at Riga Stock Exchange on the 24th of 

November 2004, as a result of which we succeeded to sell approximately 58% of 

the total volume of issue in lats and 23% of the total volume of issue in dollars.



Results of the auction are considered as positive in the bank and there is an 

optimistic evaluation of future development of this direction. 



In is necessary to point out that at the auction the demand for bonds denominated 

in lats was almost 2 times bigger than the offer, the bonds have been sold at the 

price, which has been a bit higher than the announced minimum price. This fact 

evidences attractiveness of hypothecation bonds, trust to the bank and its 

stability in the future.



Good results of allocation have been influenced by the fact that the international 

agency Moody`s Investors Service LTD had assigned a rating on the level of Ва2 to 

the bonds, favourable situation on the financial market as well as the increased 

interest to the secured low risk debt securities. 



In the nearest future hypothecation bonds allocated during the second auction will 

be included in the list of debt securities and will be quoted at Riga Stock Exchange.