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. Last Updated: 07/27/2016

Nizhny, Moscow To Pay on Bonds

While the Nizhny Novgorod region struggles to pay a 2002 Eurobond coupon that fell due Saturday, a Moscow City Hall spokesman said he was confident Moscow would pay a Eurobond coupon coming due this Thursday.

Moscow will pay the 45.6 million Deutsche mark (about $25 million) coupon on its 500 million Deutsche mark bond on time, Prime-Tass quoted the acting head of City Hall's municipal debt committee, Sergei Pakhomov, as saying Monday.

Nizhny Novgorod was also insisting that it would pay its bond before an unspecified grace period from the due date.

"The administration, of course, plans to pay," Nizhny Novgorod spokeswoman Marina Karelina said. "The money is being collected. We shall do our best to pay the tranche."

The region's interest due on the bond is $4.375 million. But last August's devaluation of the ruble has made repayments of all credits in foreign currency very difficult. Karelina said the Nizhny Novgorod region still had time to pay the interest.