Powering up its bond markets

The Russian corporate bond markets are broadening. More issuance is expected from previously inactive sectors and securitisation is developing into more esoteric assets. Risks to future growth include a dip in the price of commodities. Alan McNee reports

Russia in 2006 is no longer Churchill's "riddle wrapped in a mystery inside an enigma". These days, at least when it comes to the Russian economy, and by extension its capital markets, there is one simple fact to understand - everything hinges on the price of oil.

"The oil price is the key to everything in Russia at present," says Matthew Vogel, director of emerging markets strategy for central and eastern Europe, the Middle East and Africa (CEEMEA) at Barclays Capital. "There has been a big

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