Russia is to launch its first international bond in a decade to bolster its public finances and take advantage of the surge in demand for emerging market debt.
Russia, which most recently issued a bond aimed at international investors in 2000, last week signalled plans to raise up to $18bn in dollar-denominated securities in the first quarter of next year as the cost of borrowing for emerging market sovereign issuers fell sharply.
Emerging market sovereign bond yield spreads have narrowed to 290 basis points over US Treasuries, the international benchmark for debt, from 700bp in early March. Russian spreads have narrowed to 240bp from 750bp in March.
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