As part of its aims to replenish some of the $200 billion in reserves spent in late 2008 and early 2009 to prop up the rouble, Russia is compiling a list of banks to help launch the country's first international bond in almost ten years.

Prompting analysts to herald one of the most high-profile emerging market debt deals of the year, institutions already mooted for involvement include Russia's state-owned VTB Capital, Barclays Capital, Credit Suisse and Goldman Sachs. The latter arranged Russia's last eurobond issue in 1998.

Russia's ministry of finance is said to have invited around 20 investment banks to make pitches for the mandate to lead the bond sale last month. The mandate has been described by bankers as "golden" on account of the rarity of the sale and the importance of helping a rehabilitated Russia to access foreign funds.

Ongoing reports highlight that Russian officials have grown nervous about the country's public purse, which is experiencing its first budget deficit in almost a decade. They will issue eurobonds valued at as much as $17.8 billion this year to help finance the deficit, though some investment bankers believe only $5 billion to $7 billion will be sold.