Russia completed a well-flagged tender and tap of outstanding bonds last Wednesday but the deal proved only a lukewarm success as the sovereign failed to hit its pricing target on the new issues. Russia was expected by analysts to propose a buyback of its 2018s, 2028s and 2030s and taps of its 2027s and 2047s but the 2028s failed to make an appearance when the framework of the tender was announced.
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