Russia is drawing up a list of banks to help the country launch its first international bond since the default, ‘in what promises to be one of the most high-profile emerging market debt deals of the year’. According to the Telegraph, Troika believes that the bond issue, deigned to shore up Russia’s budget deficit, will see only $5-$7 billion of gilts issued rather than the designated $18 billion. Around 20 investment banks will pitch for the chance to lead the country into the sale. ‘Russia is cheap in absolute terms and compared to other emerging markets’: this financier highlights the country’s investment appeal. Good news for potash producers, among them Russia’s Uralkali, as an article on Bloomberg suggests sales could potentially double in 2010. Vladimir Potanin’s media company ProfMedia is getting into gear for a $500 million IPO, which would list up to 40% of its shares. Oleg Deripaska has managed to survive a storm of debt and financial peril, chiefly with the help of the state: the Wall Street Journal examines how the Rusal controller benefits from friends in high places.