ISTANBUL: Russia is choosing lead managers for its planned $7 billion bond, the deputy finance minister said on Saturday, adding that there were no details on the timing of the launch.
"Some activities took place in view of choosing lead managers, but it hasn't been finalised yet," Sergei Storchak told a news conference on the sidelines of the European Bank for Reconstruction and Development's annual meeting.
More than 20 banks were competing to lead manage the bond, Storchak said. When asked when the selection process would be completed, Storchak said: "Any minute."
Russia raised $7 billion in Eurobonds last year in the largest emerging markets sovereign offering since at least 2000, covering its foreign borrowing plan for the year.
Moscow said in early February that it was delaying plans for this year's $7 billion bond launch for at least three months.
Emerging market borrowers have entered international markets at close to record levels this year, as ultra-low interest rates in the developed world drive investors towards higher yields.
The yield on Russia's benchmark 2030 dollar bond was quoted at less than 3 percent on Friday, according to Reuters data.
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