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FinMin to swap USD 1.075bn USSR debt for Eurobonds. FinMin announced the expected results of the offer to exchange trade debt of the former USSR for Russian Eurobonds due in 2010 and in 2030. The offer expired on Nov 10, 2006 . The bids for the swap represent around 99.96% of the USSR debt subject for restructuring. Over 5,000 bids were submitted by residents of 30 countries. The swap will be carried out on Nov 28.

Mobile firm PTC to change brand into T-Mobile probably in Q2/2007. Polska Telefonia Cyfrowa ( PTC ) will replace its main brand Era with Deutsche Telekom’s T-Mobile most likely already in Q2/2007, PTC ’s CEO Klaus Hartmann said during the weekend meeting with journalists. Hartmann said that licence fees for this brand would be much lower than 1.5% of annual revenue paid by PTK Centertel for France Telecom’s Orange brand name. This year, PTC is to earmark 15% of its revenue for investments in, among others, UMTS technology and sales network expansion, he added. Deutsche Telekom, which now holds 97% in PTC , also expects the firm to start paying dividend as of this year’s profit, Hartmann added. The CEO announced that he had been presented with a goal to post 2007 revenue of EUR 1.7bn and EBITDA of EUR 500mn. Until the end of 2006, PTC is likely to hover around 12mn customers, he concluded. ISB, tom

Here are the results of IFLR's annual analysis of the biggest financial and product trends of the past year.

Moody’s changes outlook for Colvis Finance limited bonds to positive. Moody's Investors Service changed the outlook on Colvis Finance Limited USD 107.5mn bonds from stable to positive. The action was caused by higher political stability in the country, government actions towards reduction of tax burden and introduction of important pension and health care reforms. In addition the proposed policies for modernization of steel industry and other important sectors of economy had a positive effect. To remind, Moody's changed Ukraine 's B1-rated local and foreign currency medium-to-long term government bonds and its B2-rated foreign currency bank deposit ceiling to positive from stable. The rating outlook for Ukraine ’s Ba3 foreign currency country ceiling for bonds was also changed to positive from stable.

Brikel takes over Serbia's tyre maker Trayal Corporation. The local briquette producer Brikel has signed a contract with the privatisation agency of Serbia for taking over 76.9% of Trayal Corporation at the price of EUR 12.12mn. Brikel has also pledged to invest EUR 25.13mn in the Serbian tyre maker. Brikel has won the privatisation tender in competition against the Dutch-registered Elcor Holding. Trayal is the second largest tyre producer in Serbia . It has units for manufacturing of other rubber goods, protective devices, and industrial explosives. Brikel is owned by Bulgaria 's tycoon Hristo Kovachki, who has direct and indirect participation in several small and medium-sized financial and energy firms.

Electronic block trading is poised to become an option for the foreign exchange market. But will it have the same impact as it has had in equity markets?

Agip oil staff released after 2 weeks of captivity by militants. Nigerian Newspaper Thisday reported that after around two weeks of captivity Niger Delta militants released around nine contract staff and 20 soldiers held hostage at the Tebidaba flow station belonging to Agip Oil. Thisday reported that the release was apparently secured after paying a large sum of ransom. The released have been brought to Port Harcourt for medical assistance. Militants also vacated the facility took with them televisions, air conditioners, GSM handsets and other personal belongings of the workers and soldiers. They also took all the arms and ammunition before while vacating the facility.

The development of the retail structured products industry has been rapid and has now reached a point of maturity, at least in Europe. Hybrid securities, equity derivatives, credit exposure and structured products techniques are starting to permeate the institutional world. This is your opportunity to submit your question to market experts.

Slovenske Elektrarne offers EUR 85mn for Ruse power plant. Holding Slovenske Elektrarne submitted the best price offer of EUR 85.1mn for the full stake in the heating and thermo-power plant in the country's fifth largest city of Ruse . The price is a major evaluation criterion and the Slovenian company will be almost certainly announced as a winner in the tender. Dalkia International and E.ON offered EUR 50.05mn and EUR 29.1mn, respectively. The fourth candidate admitted to the privatisation tender, the Czech Electricity Company, did not submit a bid. The privatisation agency opened the acquisition offers on Nov 17 after a two-week extension of the initial deadline. It plans to sign a draft sale contract by the end of the year and to finalise the share transfer shortly after, following approvals by the supervisory board of the agency and the antitrust watchdog. The total electricity production capacity of the coal- and gas-fired units is 400MW but only a small part of some 54MW is effectively utilised due to environmental considerations and high operational costs dependant on imports of black coal. Most of the equipment is installed in the period of 1964 to 1971 and is incompatible with today's efficiency and environment standards. The head of the privatisation agency, Todor Nikolov, comments that the price offered by the Slovenian company exceeds his expectations. The plant in Ruse was auctioned for the first time in April last year. Russia 's electricity company RAO UES won the bidding at the price of EUR 120mn but withdrew its offer shortly after. The second-ranked CEZ offered EUR 24.3mn at that time while the third-ranked Italian company Enel valued the plant at just EUR 4.8mn. The tender was scrapped after the withdrawal of the Russians, as the other bids were seen as unacceptable. In the meanwhile, the privatisation agency has separated the smaller western unit for gas-fired heating supplies and has sold it to a local firm at the price of EUR 1.8mn.

Electronic block trading is poised to become an option for the foreign exchange market. But will it have the same impact as it has had in equity markets?

Russia, USA sign protocol on WTO accession. EconMin German Gref and US Trade Representative Susan Schwab signed a bilateral agreement on Russia ’s accession to the WTO during the Asia-Pacific Economic Cooperation summit held in Hanoi . US president George Bush and Russian president Vladimir Putin were also present. Gref called the event a historic step, which marks Russia ’s return to the market track and equal competition on the world market. The negotiations lasted for 12 years. The bilateral deal needs now to be ratified by legislature branches in both countries. Besides, Russia needs to reach agreement with Moldova and Georgia . The latter’s representative informed that Georgia will not give its approval for Russia accession unless Russia fulfils trade agreements with Georgia and legalizes customs border points in Abkhazian and South Ossetian sectors. Particularly, Georgia wants cooperative control over those points from both, Russian and Georgian sides of the border. The two brake away regions operate with a strong diplomatic and financial support from Russia . To enjoy full access to WTO economies Russia needs to be granted Permanent Normal Trade Relations (PNTR) status. US business groups are urging congress to move more rapidly to grant Russia the status. However the Democrats are less likely to approve the decision soon. During the summit in Hanoi , president Bush told president Putin that the restrictions on aircraft producer Sukhoi were lifted. Restrictions on Sukhoi military aircraft producer were introduced after it was accused of providing weapon-related goods to Iran .

Kazakhmys doubles volume of shares sold on local stock exchange to 1.9%. According to local stock exchange KASE, Kazakhmys will place 1.9% of its shares on the domestic market. Such decision was made by the organizer of the deal TuranAlem Securities. Initially, it was planned to sell only 1% or 4.858mn shares on the KASE but Kazakhmys substantially increased the scope of the placement to meet the demand. As we reported, executive director Yong Keu Cha leaves Kazakhmys in December and decided to sell part of his 15.6% stake in the company.