The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Russia claws in another $3.75 billion

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. The economy is still in trouble, the IMF appears to have suspended delivery of a $670 million loan (or was that a misinterpretation of a press release?), yet Russia's ministry of finance has managed to raise $3.75 billion on the international capital markets. And, if reports are true, a few hundred million more (secretly) through some US banks.

In mid-May, all seemed well. Mikhail Kasyanov, deputy finance minister, and Oleg Buchlemeshev, head of section, international capital markets, had been discussing a straightforward dollar deal, with a roadshow and a syndicate, but the crisis a week later killed that idea. And the government effectively closed itself off from raising money domestically.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree