MOSCOW (Sputnik) — Russia has raised $1.2 billion in its first foreign Eurobond issue since 2013, Finance Minister Anton Siluanov said Wednesday.
"We stopped at a total volume of $1.75 billion of funds raised, with some $1.2 billion brought by foreign participants and $550 million by Russian banks. Furthermore, among Russian banks we chose only those not owned by the state. This was done intentionally, in order for government bonds to be purchased by private banks that can work with them further," Siluanov told reporters.
Total bids for Russian bonds topped $7 billion, while the Russian Finance Ministry limited total bids to a maximum of $3 billion. The $1.75-billion issuance has been considered sufficient by the ministry, according to Siluanov.
"We have analyzed all bids and primarily chose foreign bidders wishing to invest in Russian bonds. I want to note that the interest in Russian bonds is very high," the minister added.
Russia last borrowed from foreign creditors in September 2013, when $6 billion worth of bonds were issued. Access to the international bond market was complicated by the Ukrainian crisis in 2014 and the introduction of anti-Russia sanctions by the United States and the European Union and some other countries.