Clifford Chance

Liability Management in Russia

16 March 2015

Over the last several years, Russian companies and banks have tapped the international capital markets for billions of U.S. dollars through Eurobond issuances. With plenty of new money available in the market, liability management exercises were relatively rare. The current economic downturn, steep falls in oil prices and the exchange rate, alongside Russian borrowers' restricted international market access due to ongoing sanctions, have resulted in increased interest in liability management transactions for Russian companies.

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