By Simon Miller

Russia is looking to raise $7bn (£4.4bn) in Eurobonds in the largest emerging markets sovereign debt offering since 2000 according to reports.

The country is aiming to issue $3bn in 30-year paper at 250-255 basis points over US Treasuries, establishing a new benchmark long bond in its first international offering since April 2010.

In addition it will place $2bn in 10-year paper at 240-245 basis points over Treasuries and $2 billion in five-year bonds at 230-235 basis points over, according to Reuters.

The yield guidance represented a tightening of up to 5 basis points from earlier indications on the five- and 10-year bonds and of 10-15 basis points on the 30-year paper, which met strong interest from investors.

According to Thomson Reuters data, the deal is the largest by an emerging markets sovereign since 2000. In the emerging markets space it is the biggest since state-controlled Brazilian oil firm Petrobras raised $7.2bn in February.

Pricing is expected today (28.03.2012) and the banks running the deal are VTB, Sberbank, Citi, Deutsche and BNP Paribas.

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