OGK-2, the Russian power generator backed by state-owned energy giant Gazprom, has pushed ahead with plans for its $2bn (€1.5bn) flotation at the same time as a rival oil firm is set to sell convertible bonds, despite analyst concerns there is insufficient investor appetite for large offerings from the country.

Deutsche Bank, Troika Dialog and UBS are advising on the joint London and Moscow listing which is tabled for this year. Gazprom owns about half of OGK-2.