The world’s best borrowers in 2006
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| Gazprom: about to turn off its benchmark programme? |
Although Gazprom had a superb 2005, it has issued no bonds so far this year. In the words of one debt capital markets banker: it’s “so bloody liquid, it’s not even funny”. Investors hungry for exposure to Russian risk have grown accustomed to using the state-owned gas monopoly as a proxy for sovereign debt, but they’ve been starved of the opportunity in the first half of 2006.
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