It seems anyone from eastern Europe can launch a Eurobond these days.
Moldova, chopped in two by civil war after the break-up of the Soviet Union, is rated just two notches below investment grade and this year raised five-year funds. Georgia and Azerbaijan, whose first years of independence were overshadowed by war, hope to issue debt next year. But does anyone seriously believe that the Chechen Republic of Ichkeria could tap the Euromarkets?
The Chechens do, according to CIS debt specialists.
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