Lukoil, the Russian oil company, has launched a $300m (€297m) convertible bond three months after the Russian government pulled a $708m sale of American depositary shares (ADS) because of poor market conditions.

UBS Warburg and Morgan Stanley are joint lead managers running the bookbuild. Morgan Stanley was the financial adviser, lead bookrunner and sole global co-ordinator of Lukoil's cancelled offering in August. Later that month, Lukoil became the first Russian company to list on the London Stock Exchange.