Russia is poised to issue its first international benchmark bond since defaulting on its domestic debt 12 years ago, after the country’s finance ministry today confirmed the banks that will arrange the deal. It brings to a close the hotly-contested battle to pick up Russia’s “golden mandate”.

Barclays Capital, Citigroup, Credit Suisse and local bank VTB Capital are arranging the deal, according to a statement this morning. Twenty banks were invited to pitch for the deal last December and the winning group saw off competition from leading contenders including JP Morgan, Deutsche Bank and HSBC.