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It’s a testament to investors’ thirst for exposure to credits linked to the Russian sovereign that their favourite borrower in central and eastern Europe, according to Euromoney’s best borrower survey, is a state-owned company that barely needs to issue debt. Gas firm Gazprom last tapped the international capital markets in November when it sold a $1 billion, five-year bond that carried a coupon of 5.092%. There was little to get excited about in the structure of the deal.