BankAmerica has made a breakthrough in its efforts to build a capital markets business in Russia. The bank has been named agent for $24 billion in restructured Russian commercial bank debt.

The debt, restructured into principal notes repayable over 25 years, is held by Moscow-based Vnesheconombank. Vnesheconombank, a state-owned financial institution, holds some $33 billion in international debt belonging to the former Soviet Union.

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