Credit Suisse First Boston is spearheading trade in the $7bn (&euro7.7bn) market for restructured Russian rouble-denominated bonds (OFZs), which is staying firm as dollar bond spreads widen.

Together with clients, CSFB is believed to hold about one-third of the market in the paper, which was issued to replace short-term treasury bonds (GKOs) on which Russia defaulted in August 1998.