Russia's state-owned energy monopoly Gazprom yesterday rode mounting credit volatility to sell $1.25bn (€913m) of 30-year bonds, proving investors remain receptive to riskier corporate debt despite the tumult in the international capital markets.

The issue, which comes amid a resurgence in corporate bond sales over the past couple of days, is the first true corporate benchmark sized transaction from an emerging market country since the volatility rose in late June.