Russian state-controlled utility Rosneft has delayed revealing a refinancing plan for $11.75bn (€8.1bn) of bridge loans used for its purchase of assets from bankrupt oil company Yukos until next year, when analysts predict convertible bonds will peform better than other credit market instruments.

Rosneft has said it is considering an issue of between $1.5bn and $2bn in bonds convertible into 9.4% of its shares in order to reduce the amount of loans that it must refinance by mid-March from $5.25bn to $3.25bn.