SBS-Agro: $250 million, three-year maturity
Alfa-Russia Finance: $175 million, three-year maturity
Unexim Finance: $200 million, three-year maturity
If you wanted exposure to Russian debt a year ago, there were only two options: government debt in roubles (GKOs), or dollar-denominated government paper, known as MinFin bonds. If you were bullish, they were an excellent bet: at the time of the presidential election in 1996 MinFins were trading at 1,000 basis points over US treasuries; a year on they’ve tightened to about 300bp over.
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