Moscow defies default scare to complete Eurobond sale

The City of Moscow has completed the first Russian Eurobond sale since the 1998 rouble crisis, having dismissed an eleventh-hour attempt to disrupt the €300m ($272m) deal.

Moscow priced the three-year bonds to yield 10.25% to mark the return of Russian borrowers to the international capital markets after their three-year exile. ING Barings and UBS Warburg managed the sale.

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