Russia's debt dealings have left analysts scratching their heads, with the country set to close the book on its first Eurobond issue since sanctions were imposed on Moscow.
The U.S. dollar-denominated issue is the first Eurobond placement in the two years since Moscow was slapped with sanctions over its intervention in Ukraine and has been organized without the help of any Western banks. A Eurobond is a bond sold outside the country in whose currency it is denominated.
According to Russian news agency, RIA, investor demand for the 10-year paper had amounted to $6.3 billion by Tuesday morning.
Nomura's Timothy Ash said Tuesday that the bond looked 'half-baked' and the Russian Ministry of Finance risked looking stupid.
"It seems to just show weakness, not strength, so why bother? Are the Russian authorities so desperate for the cash?," Ash said in an email.