Russian credits delay, but sovereign stands firm

Leading Russian borrowers are postponing Eurobonds to next year after recent political protests have hit trading. The decisions by Gazprombank and Vnesheconombank (VEB) have left market players fretting over how the civil unrest will affect the heavy pipeline of deals due from the country in 2012, particularly in the run-up to presidential elections in March. However, the sovereign still seems likely to go ahead with its next international bond.