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. Last Updated: 07/27/2016

Asia, Europe on Sovereign Road Show

Officials will meet bond investors in Asia and Europe before heading to the United States to wrap up the promotional tour for Russia's first eurobond sale since 1998, Finance Minister Alexei Kudrin said Wednesday.

“Borrowing terms will likely be very advantageous,” Kudrin told reporters. “The market understands” that Russia can borrow domestically if the terms aren’t “extremely favorable,” Kudrin said.

The government has approved borrowing as much as $17.8 billion abroad this year to help plug its budget deficit and establish a new benchmark for corporate borrowing. The eurobond sale will be the first since Russia defaulted on $40 billion of domestic debt and devalued the ruble 12 years ago.

The first part of the sale will “most likely” be in U.S. dollars and take place sometime after April 21 and 22, when Russian officials are scheduled to meet with investors in New York, Kudrin said.

The so-called roadshow will include London and Los Angeles, the minister said, without being more specific.