Economics
Russia Plans Yuan Bond Sale With Sanctions Threat Nearing
- Finance Ministry hires banks to arrange 6 billion yuan sale
- Russia seeks alternative financing amid U.S. penalties
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Russia’s Finance Ministry has hired banks to organize its first-ever sale of yuan bonds as the government braces for possible U.S. sanctions on its sovereign debt markets.
Russia hired Bank of China Ltd., Gazprombank and Industrial & Commercial Bank of China Ltd. to arrange investor meetings for the sale of 6 billion yuan ($907 million) in five-year notes, according to people familiar with the plans. The issuance is slated for the end of this year or beginning of 2018, they said, speaking on condition of anonymity because the deal isn’t yet public.