HÜVITUSFOND

ANNOUNCEMENT

17.03.99

 

 

NEW BOND ISSUES IN 1999

 

According to the prepared project, Hüvitusfond will carry out four bond 

issues during the current year, of which three issues are public and 

one directed. Since different financial institutions, incl. foreign 

investors, have expressed their interest in Hüvitusfond bonds, there is 

a possibility of additional directed issues.

 

In accordance with the aforementioned project, the new issues will have 

shorter term of maturity. At this moment, the interest and pricing 

policies have not yet been finally confirmed. The project and 

conditions for the XIII bond issue (first in this year) will be 

presented by the Management Board to the Supervisory Board for approval 

by the next meeting at the end of March. 

 

According to law, Hüvitusfond makes interest payments to the 

bondholders once a year. The respective interest payments on bonds are 

exempt from income tax.

 

XIII issue will be a directed issue, with maturity of 1 year. The 

initial offering will take place from 12th to 14th of April. By then, the 

Q1 unaudited financial results of the fund should also be approved and 

available. The initial volume of the issue is 30 million EEK. For all 

issues organized, Hüvitusfond reserves the right to increase the volume 

of an issue in case of high investor interest.

 

The first public issuance will be carried out from the end of May to 

beginning of June, with maturity of up to 2 years. The main emphasis of 

the public issues (especially in terms of volume) is on autumn, when 

two issues will take place, the preliminary value of which is a' 40 

million EEK. The bonds issued in the course public issuance will be 

listed on the Tallinn Stock Exchange.

 

The minimum program foresees the issuance of bonds in total value of 

100 - 130 million EEK during the current year. 

 

 

Andres Laisk

Hüvitusfond 

PR manager

Tel. +372 665 1812