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Optimism Emerges From Russia to Turkey With Bond Rebound

Bonds are proving a salve for emerging markets after the worst start to a year in the currencies and stocks of developing nations since 2010.

Two weeks after emergency measures by Turkey’s central bank pulled the lira back from a record low, the government sold $1.5 billion of 31-year dollar bonds yesterday in its longest-dated debt in the currency ever. Russia issued 20 billion rubles ($569 million) of notes after back-to-back flops, while Slovenia a day earlier sold its first dollar-denominated notes since the nation’s banking industry was overhauled last year.