Russian debt down but not out, say EM bankers

A fresh round of US sanctions killed the Russian bond market’s nascent recovery, and sent Russian paper plummeting in the secondary market on Thursday. Some syndicate officials ascribed the sharp moves to widespread complacency about the risk of harsher sanctions. But others argued it was a typical knee jerk reaction, and that — despite crushing hopes of Russian issuance in the next few weeks — the new sanctions do not necessarily rule out deals later in the year.