Issuer: Russian Federation
Amounts: $1.25 billion; $2.5 billion
Maturity: 5-year; 30-year (10-year put)
Launched: June 4; June 18
Bookrunners: Goldman Sachs; JP Morgan; Deutsche Bank
It’s the last week in May. Russia’s economy is in turmoil again. Wages need paying, and still not enough taxes are being raised. The rouble falls to its lowest level against the dollar, and overnight interest rates are trebled in response. The only thing left to come is another government crisis.
Three weeks later, and Russia has pulled it off again.
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