The Russians are coming back. Since July 2008, Russia has been largely absent from international capital markets, barring three debt issues by state-controlled Gazprom. That has been in stark contrast to fellow Brics; Russia’s economy was plunging while Brazil, India and China remained robust. But late last month Lukoil got away a $1.5bn Eurobond issue – demonstrating international appetite for debt issued even by non-state-backed companies.

That is perhaps no surprise, with oil prices back near $80 a barrel, Russian equities surging, incipient signs of economic recovery, and the rouble strengthening so fast it is causing alarm to Moscow authorities. MegaFon, a mobile phone group, is planning a small debt issue. Expect bigger companies, including other oil groups and quasi-sovereigns such as Russian Railways, to return next year.