Investors are buying as much as $6bn in Russian sovereign debt, Moscow’s finance ministry said on Tuesday, as the country issues 10 and 30-year dollar bonds.
The issuance is Russia’s first since its return to international debt markets last year after western sanctions over the Ukraine crisis in 2014 and a two-year recession that saw ratings agencies cut its debt to junk status.
The yield on the 10-year bond is 4.25 per cent and 5.25 per cent on the 30-year debt. The ministry did not say how much of each bond it would issue.
The book is expected to close on Tuesday evening. State-run investment bank VTB Capital is the sole bookrunner on the deal.
Finance minister Anton Siluanov said the Kremlin was aiming to raise $3bn in new debt and exchange $4bn of old bonds for new ones.