Convertible bonds will become the most attractive instruments on international financial markets in 2002 and 2003, Dominic Huse, head of the Commerzbank's emerging markets department, said at a round table meeting on the attraction of foreign capitals to the Russian economy. In his opinion, convertible bond issuing is more attractive both for investors and issuers than traditional share and bond offers. On the one hand, coupon payments on convertible bonds are lower compared with traditional bonds, because this instrument envisages the opportunity to swap them for shares. On the other hand, such issues will significantly enlarge the range of investors. Additionally, convertible bonds are ideal instruments for carrying out mergers and takeovers. The Commerzbank official believes that there are very good conditions for the development of the convertible bond market amid the slump in share prices and low investors' "appetites" due to risks. Such Russian companies as Yukos, LUKoil and VimpelCom have already floated this type of securities.
Russian small missile ships - the Grad Sviyazhsk and the Great Ustyug - set off for a mission to the Mediterranean Sea