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. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

EEMEA market round-up: Russia's rouble-linked Eurobond

Norway’s export credit agency, Eksportfinans, was the first issuer to take advantage of the Russian government’s decision to make the rouble fully convertible from July 1, selling a R1.5 billion ($558 million) rouble-linked Eurobond less than a week later.

But because the rouble cannot yet be settled through Euroclear or Clearstream, all payments are denominated in US dollars. The five-year bond was priced to yield 6.048%. Orders from Germany and Switzerland drove the deal.

Bankers say predicted foreign inflows into Russian government debt following the move to convertibility are likely to take several months to materialize, as investors need time to get credit lines in place.

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