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Sovereign rating boost spurs Russia’s retail giant to issue $1bn Eurobond

Russia’s state-owned retail giant Sberbank issued its first Eurobond last month. The bank is the first to cash in on ratings agency Moody’s surprise decision to award a two-notch upgrade to the sovereign rating – taking Russia into investment grade territory.
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Analysts had been expecting a Russian upgrade, but were surprised by

the speed of last month’s decision to increase Russia’s rating to Baa3,

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