Buy now while stocks last! That seemed to be the sales pitch in a $3 billion debut Eurobond from Russian state-owned oil firm Rosneft late last year.
Many expected a much bigger issue, especially after the order book reached $25 billion. At the front of everyone’s mind was an agreement, announced in October, to pay UK oil company BP $17.1 billion in cash for a 50% stake in BP’s Russian venture, TNK BP.
Rosneft registered a $10 billion Eurobond programme in November.
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