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. Last Updated: 07/27/2016

Russian Firms May Borrow up to $2.5Bln in Bonds

Russian companies, led by Sberbank and Vneshekonombank, are borrowing as much as $2.5 billion in the international bond market for the first time in two years.

The sales reflect increasing confidence in the economy, as growth accelerates in the second half of the year.

“The overall story in Russia is that loan books are growing quicker than may be expected,” said Robert Whichello, a co-head of the global syndicate business in London at BNP Paribas, France’s biggest bank. “We’ve got a period of relative calm, and issuers are looking to take advantage of that,” he said.

Sberbank sold $1 billion of five-year debt Wednesday, while VEB sold the same amount in 10-year notes Thursday, according to two people with knowledge of the sale.

TransCreditBank may sell up to $500 million of five-year debt, the company’s president said. The total is the most for a week since June 2008, according to data compiled by Bloomberg.