Since August, no Russian company has raised funds through international bond sales, while more than 200 firms in Latin America and Asia, excluding Japan, have raised $80 billion. In the past six months, yields have soared sixfold, while energy prices have plunged and the ruble has weakened. "The primary market is dead," said Stanislav Ponomarenko, a fixed-income analyst at ING. "I wouldn't be too surprised if there are no bond deals done by Russian corporates for most of 2009, if not the entire year."

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