Russia will raise $7 billion in Eurobonds in the largest emerging markets sovereign offering since at least 2000, fully covering its foreign borrowing plan for 2012, sources close to the deal said on Tuesday.
Capitalizing on strong oil prices that have boosted confidence in Russia's fiscal performance, the dollar offering attracted bids of $17 billion, leading the Finance Ministry to slightly tighten yield guidance on the three-tranche deal.
Russia plans to issue $3 billion in 30-year paper at 250-255 basis points over U.S. Treasuries, establishing a new benchmark long bond in its first international offering since April 2010.
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