OREANDA-NEWS. On the 15 May 2015, the Bank of Russia will hold auction to provide US dollar loans secured by the pledge of claims on loans in US dollars for the term of 28 days. Maximum allotment, 0.5 billions US dollars.

Auction bids will be accepted from Russian credit institutions complying with the Bank of Russia capital requirements, and from the Bank for Development and Foreign Economic Affairs (a state corporation, Vnesheconombank), which should have signed, and valid as of the auction date, general credit agreements with the Bank of Russia to provide Bank of Russia FX loans secured by the pledge of claims on FX loans.

Auction type: Dutch auction. Minimum interest rate: the US dollar LIBOR rate for comparable term and effective on the closest date preceding the auction date, rounded to 4 decimal places and increased by 2.25 percentage points.

Minimum bid: 1 million US dollars. Maximum number of bids from a credit institution at the auction: 2. Only competitive bids are accepted.

Auction bids are accepted by Bank of Russia regional branches in hard copies.