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Last year was a milestone for Russia in the international capital markets. It launched its first sovereign bond issue since Tsarist days and the largest equity issue yet by a Russian corporate came to market, natural gas producer Gazprom’s $429 million initial public offering in October. As Vladimir Kuznetsov, general director at Salomon Brothers, points out: “Last year Russia raised more financing abroad than in any year since perestroika.” Russian entities are becoming increasingly aware of the possibilities for capital raising offered by the international markets and are preparing themselves to tap that potential. |
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