Russia is expected to return to the international debt markets for the first time since its 1998 financial crisis, after Mikhail Kasyanov, the prime minister, approved the issuance of up to $2bn (€2.2bn) of Eurobonds.
The sovereign looks set to capitalise on the recent positive tone surrounding emerging markets credits, which have shown widespread resilience to the crisis currently engulfing Argentina. In reaction to progress the sovereign has made in reducing and restructuring its debt, Standard & Poor's raised its local and foreign currency ratings on December 19, to B+ from B.
