THE EVENT WAS a panel discussion of Russian debt held in Moscow in early September. Bankers and issuers were speaking with conviction about the rapid growth of Russia’s infant domestic corporate bond market and diplomatically outlining potential pitfalls. Sergey Pakhomov, chairman of municipal debt at the City of Moscow, was the last to speak. He didn’t pull any punches.
“I’m very pessimistic about the development of the Russian corporate debt market – it has a lot of time bombs hidden in it,” he said.
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