IMH may become the first Russian issuer to print an international bond this year after mandating banks to arrange a deal roadshow, but market participants away from the trade say it would not signal the reopening of the withered Russian market. IMH has hired Citigroup, Renaissance Capital and Sberbank to arrange a series of fixed-income investor meetings for a new US dollar-denominated bond. The meetings begin in Europe on June 16. Sberbank is prevented under sanctions from raising money in the bond market itself but not from transacting deals for clients. Sberbank's inclusion as a deal arranger is not expected to pose a problem for investors, as many Russia-focused accounts deal with it in areas not affected by sanctions, such as its trading operations, according to a source.
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