Central bank softens merger terms
Selling the index takes on new meaning
A corporate bond market is slowly developing in Russia, but for the time being it appeals only to Russian banks and foreign investors with defaulted Russian treasury bill money trapped in special restricted accounts at the Central Bank of Russia.
Since June three Russian blue-chip companies have issued so-called rouble bonds to raise the finance needed for their investment programmes. Denominated in roubles, but index-linked to the rouble/dollar exchange rate, between them Gazprom, LUKoil and Tyumen Oil (TNK) have issued a total of Rb8.5
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