Russia’s coming back — with or without the sovereign
Strong bond supply from Russian borrowers this year raises the likelihood of the country’s revival in the global capital markets after meagre issuance levels in 2009. It may not hit the pre-crisis heights of 2007 but encouragingly Russia’s international comeback has started without the long awaited bond from the sovereign.
Russian borrowers have not been content to sit back this year and wait for the sovereign to sell bonds first, surprising bankers and investors with a busy first quarter for international debt issuance.
So far this year, Russian issuers have sold $3.7bn of bonds internationally, according to Dealogic. By
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