In the end not even the eruption of a volcano in Iceland could deter Russia’s return to the international capital markets after more than a decade. On April 21, the sovereign raised $5.5 billion through a dual-tranche offering with five-year and 10-year maturities.
The deal achieved the government’s aims of repricing the sovereign curve and establishing a liquid benchmark that it hopes will pave the way for issuance from quasi-sovereigns and corporates.
The transaction was the government’s first Eurobond since...
