Runner-up: KfW

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KfW has become the first issuer to exploit the Russian rouble's fully deliverable status, which came into effect from January 15. The German state development bank has teamed up with the Canadian house TD Securities on a five-year RUB2 billion Eurobond paying a coupon of 6%.

The deal was issued off the triple-A rated borrower's European medium-term note programme.

"The rouble, as a freely convertible currency, has now been integrated into the international capital market, and the European clearing

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