Russia pricing opens door for others to pay for access
This week's $6.96bn bond from the Federation of Russia’s was hailed as a success in more ways than just its $16.5bn book, strong trading and the issuer's breakthrough into the euro market. It has given bankers and finance ministries a glimpse of what other CEEMEA sovereigns may have to pay to access the market — and has emboldened Russian corporates and banks to open their wallets to get a deal away, writes Francesca Young.
Over the last few months, bankers have said that bond market activity has been stunted by EM treasurers’ unwillingness to admit to their CFOs that they will need to pay more than the yields indicated earlier this year.
But with the Russia sovereign — notoriously the CEEMEA region’s most
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