The middle of 2013 was a difficult time for emerging markets. Expectations that the US Federal Reserve was about to taper its bond-buying programme sent debt prices lower across the emerging market spectrum. New issuance dried up and when issuers did come to market, they were forced to pay a hefty premium. This was hardly the most auspicious backdrop for Russia, which has a tradition of tapping the bond market in size once a year and had indicated that it was looking to issue a multi-billion-dollar deal in the second half of 2013.
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