RUSSIA LAUNCHES ANOTHER EUROBOND.

Russia yesterday launched a new US$2.5 billion 30-year bond. This is Russia’s largest and longest-dated bond to date, and marks the country’s second entry into international capital markets in less than a month. It follows a US$1.25 billion bond issue which sold out immediately when launched on June 3. Yesterday’s offer, which had initially been planned for US$1.5 billion, was said to have been heavily oversubscribed. (Financial Times, June 19) The offer is seen as a significant step in Moscow’s effort to increase the foreign and longer-term share in its debt burden. In the short term, it will be a useful indication of investor confidence as the Russian government prepares for next week’s negotiations with the IMF. Members of the mission will be looking for reassurances that any emergency funding the IMF gives Russia will be unlikely to be drawn on.

COMMUNISTS PRESS AHEAD WITH IMPEACHMENT PLANS.