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22 Apr, 2010 10:04

Russia returns to global bond market

Russia is returning to the international market for the first time since 1998, with the government selling $5.5 billion worth of bonds in five and ten year notes.

The yield on the bonds is expected to be a record low for Russia, but the issue is forecast to get away without trouble, and could be concluded by the close of business on Thursday.

Speaking with RT Nikolai Podguzov, bond strategist at Renaissance Capital, said a low yield was just a reflection of a worldwide trend, with the leading banks cutting their rates almost to zero. But he added that the relative strength of the Russian economy and investor appetite for emerging market debt would see plenty of interest in the issue.

Read also – Russia: From recession to recovery