Russian railways (Baa1/BBB/BBB) took a big call to issue on a day when Russian troops assembled at the Crimean border. But the state-owned issuer seized on what it believed were the best market conditions in a month to go ahead with a new €500m nine-year deal last Thursday. Lukewarm demand, however, suggests euro investors remain wary of long-dated Russian paper. A pick-up in volatility and a sell-off across major emerging markets currencies caused the company to put execution on hold after completing a roadshow in Europe and the UK at the end of January.
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