Until world credit markets start to stabilize, we are playing it safe at GR Invest and sticking to quasi-sovereign debt of the oblast type, in this case the Lipetsk region, located in the Central Federal District of Russia. It is denominated in Rubles, traded in Russia on the MICEX, rated by Fitch BB-/Stable, maturing in 972 days, and has an effective YTM of 7.86%. We feel currency reserves and the stabilization fund make this an attractive instrument. The economy rests on a diverse manufacturing base rather than natural resources.