So-called “golden mandates” for investment banks to lead arrange government bond issues only come around every so often – or about 10 years in Russia’s case. With the sovereign planning on returning to the eurobond market next year for the first time since its 1998 default, investment banks are fighting tooth and nail to win the coveted mandate.

For the best part of a year Russia has been looking at the idea of making its long-awaited return to the eurobond market, for the most part because accessing foreign funds could help finance the government's first budget deficit in a long time. Such plans, however, were only given the green light by the Duma, or the Russian parliament, in the summer.