We have miscellaneous, but interesting pieces of information that bodes well for Russia as 2007 closes. Future Russian President Medvedev is using words like competitiveness in a recent speech, its too early to tell but we’ll see exactly what he means in the approaching months and year. We here at GR Invest see the further development of the fixed income market to include second-tier companies and smaller municipalities and quasi-government authorities. Several factors will influence this including increasing mutual fund investing of the Russian middle and upper classes. The percentage of investment is just a fraction of what they are in the rest of Europe, even much less than what they are in Eastern Europe. The Kremlin has informed regional governments priorities will include health care and education, undoubtedly billions will come from the central government-local authorities will also be expected to contribute and bond offerings will be an option. There will likely be a relief rally after elections, both in the equity and bond markets, foreign money will be looking for a home, and many companies will be offering bond IPOs to help satisfy the demand. We have previously discussed the expected skyrocketing of inflation, that so far has been kept down before elections. With the rise in inflation, many Russian domestic investors will expect higher returns from bonds and other instruments. This combined with the expected increase in volume in IPOs could bring even more attractive rates from new issues.