Renaissance Capital, which has been at the heart of much of the recent issuance action, believes that Russia is a safe haven for investors.
"Once the global markets begin to appreciate that short-term liquidity risks do not undermine Russia’s fundamental economic strength, those investing in Russia will be glad they did," says the firm’s chief executive, Alexander Pertsovsky. "In fact, in the view of Renaissance Capital, a combination of strong global growth, looser monetary policy and high commodity prices could be a perfectly delightful storm for Russian assets."
Given that Russia has $450 billion in foreign exchange reserves and a $130 billion...
