Russia bins clumsy reputation, takes $6.96bn

Few expected Russia to provide the first massive sovereign trade for the CEEMEA region in September — and to offer its largest new issue premium for years in order to beat an expected rush of supply. But when it did so on Monday for its $6.96bn Eurobond, the issuer won praise from bankers for showing flexibility and a willingness to adapt to market conditions to hit its target, a marked difference to the usual accusation of an issuer that throws its weight about, unhappy to negotiate with investors to find fair pricing for its debt.