AVK, the second largest producer of confectionery products in Ukraine, has launched its first corporate bonds. The variable-rate corporate bonds with a nominal value of UAH 9m (US$) mature on 16 January 2004. The bonds have a quarterly coupon payment with a semi-annual call option to provide additional flexibility to AVK and its bondholders. Alfa Bank is the manager for the bond issuance and CJSC Alfa Capital serves as its underwriter.