I think the right strategy for Russian companies is to use every improvement in the market to place eurobonds because in the coming years, costs will grow," Mamai added. But it is not just any company that can issue bonds nowadays, managers say. For example, gas monopoly Gazprom last week increased the size of its latest bond issue by $250 million to $1.25 billion, the first investment grade Russian corporate debt offering. "With a company like Gazprom, I have no concerns at all about buying their bonds because for me they are quasi-sovereign whereas with others you have to be careful about liquidity after the sale," said Raphael Kassin, head of emerging markets fixed income at ABN AMRO Asset Management in London. One Gazprom bond that matures in 2034 is yielding 9.0 percent versus the Russian benchmark sovereign bond that matures in 2030 only yields 7.92 percent.