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Russia sends banks request for proposals
March 10, 2014 / 4:36 PM / 4 years ago

Russia sends banks request for proposals

LONDON, March 10 (IFR) - The Russian Federation has sent request for proposals to banks for a potential new Eurobond offering, two market sources told IFR on Monday.

The RFP comes in spite of growing political tensions between Russia and Ukraine over the Crimea, which has led to an aggressive sell-off in the country’s financial assets.

Russia’s 2023 bonds, for example are down nearly four points in cash terms year-to-date, quoted at 97.147, according to Tradeweb data. Its 2043s have fared even worse, tumbling by more than six points since the beginning of the year to trade at 94.919.

Russia, rated Baa1/BBB/BBB, is expected to raise up to USD7bn-equivalent in 2014 in the international bond markets, the same amount it has raised in each of the past two years.

The timing of a potential transaction remains uncertain. The sovereign is considering dollars and euros, said a source. (Reporting by Sudip Roy and Davide Scigliuzzo; Editing by Helene Durand)

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