Russian volatility takes toll on Aeroflot exchangeable

National Reserve Bank, the lender that holds some of Alexander Lebedev’s industrial stakes, on Thursday postponed a complex $160m bond exchangeable into Aeroflot shares, citing market volatility. Russian equity markets, and Aeroflot, have bounced back since slumping 4%-5% on Monday, but bankers said volumes have been light and that investors remain risk averse.