Deal update: Bankers wrangle as Russian bond return sinks

Syndicate managers close to the $5.5bn dual tranche bond issued by the Russian Federation on Thursday this week defended the execution of the deal even as it widened in secondary trading. The deal was broadly welcomed immediately after pricing when it appeared to have met the sovereign’s goal of resetting its curve — and by extension, that of quasi-sovereign and corporate borrowers — by establishing a liquid benchmark.