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Japan Spurs Borrowing Rush

Corporate borrowers are in a hurry to test debt markets for possible eurobond issues, worrying that Japan's nuclear crisis could soon close a borrowing opportunity, banking sources said Tuesday.

Promsvyazbank, ranked among Russia's top 10 lenders by assets, plans a three-year eurobond issue this week along with Renaissance Securities' five-year eurobond placement.

Steelmaker Evraz plans to start a roadshow Wednesday to test the market for its upcoming eurobond issue. Evraz is eyeing a "long paper" maturing in the next six-seven years and is likely to raise at least $1 billion.

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