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    Russia to hold $17.8 bln Eurobond roadshow in November

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    Russia will hold a roadshow in early November in London for Eurobonds worth $17.8 billion to be issued early next year to cover the budget deficit, Deputy Finance Minister Dmitry Pankin said on Tuesday.

    ISTANBUL, October 6 (RIA Novosti) - Russia will hold a roadshow in early November in London for Eurobonds worth $17.8 billion to be issued early next year to cover the budget deficit, Deputy Finance Minister Dmitry Pankin said on Tuesday.

    Russia will resort to borrowing on world capital markets in 2010 for the first time in 10 years.

    "We planned to hold a roadshow, which actually means the country's presentation as the issuer of debt instruments, in London, before a meeting of the Russian-British inter-governmental commission for economic cooperation," Pankin said.

    The deputy finance minister, who is responsible for international financial relations in the ministry, said the roadshow would be held during a meeting of finance ministers of the G20 leading developing economies in Scotland on November 7-8.

    The global financial crisis forced Russia, which receives a large share of its revenue from oil exports, to gradually devalue the ruble amid capital flight and a fall in global oil prices, which declined from their peak of $147 per barrel in July 2008 to around $40 per barrel in early 2009. They have since climbed back to around $70, and the ruble has stabilized at around 30 to the dollar.

    Russia's budget deficit is expected to hit 6.8% of GDP in 2010.

     

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