ENTHUSIASM FOR T-BILL EXCHANGE.

In a sign of confidence in Russia’s financial prospects, investors yesterday exchanged nearly US$6 billion in short-term domestic treasury bills (known by the Russian acronym of GKOs) for longer-term foreign currency bonds (seven- and twenty-year eurobonds and dollar bonds). The exchange, undertaken on IMF advice, was intended to ease Russia’s crushing short-term debt burden. (AP, July 20) Yesterday’s US$6 billion figure exceeded expectations: Bankers had predicted that upwards of US$4 billion of GKOs would be exchanged. (Financial Times, July 21)

IMPEACHMENT COMMISSION SETS AGENDA.