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Russian localities are getting set to sell Eurobonds

All across Moscow, workers are hanging banners and splashing on paint as the city spruces up for its 850th birthday party. Behind the scenes, Mayor Yury Luzhkov's government is preparing for another milestone. In the next few months, Moscow hopes to launch its first Eurobond issue, raising up to $500 million from U.S. and European investors to finance revenue-earning projects ranging from commercial buildings to high-tech startups. The city has already gotten solid marks from Western bond-rating agencies and has lined up Credit Suisse First Boston Corp. and Nomura Securities Co. to manage the issue.

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