Corporate issuance surge could hit rouble, warn investors

Marcus Svedberg, East Capital

A predicted $25 billion of Eurobond issuance this year from Russian corporates may cause a weakening in the rouble, according to bond investors.

Marcus Svedberg, chief economist at East Capital, warns companies must heed the lessons of 2009, when Russian corporates that had borrowed heavily in foreign currencies during the commodities boom suffered when prices declined and the rouble was devalued.

“It could be a case of too much, too fast,” he says. “Issuance on this scale will undoubtedly put

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