Russia's AvtoVAZ picks Trust to lead $300 mln CLNs

Newswire

MOSCOW, Aug 30 (Reuters) - Russia's biggest car-maker, AvtoVAZ , has picked Trust Bank to lead manage its $300 million credit-linked notes, the bank said on Tuesday. "The funds raised during the second CLN issue will be spent to upgrade AvtoVAZ production and range of models," Trust said in a statement. In September 2004, AvtoVAZ issued its debut CLNs, 1-year paper worth $100 million. The planned securities will have a tenor of up to two and a half years.

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