By all accounts the City of Moscow is in good shape.
It’s one of the few net contributors to the federal budget, has the lion’s share of revenue from both banks and corporates, and its debt ratings are constrained by the sovereign ceiling of BB-/Ba2.
But its reasons for issuing a $500 million Eurobond are quite transparent.
As the city prepares to celebrate its 850th anniversary this autumn, Moscow’s mayor, Yuri Luzhkov, has gone on a spending spree.
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