Russia Is Having Trouble Selling Its Debt
This article is for subscribers only.
Russia fell short of its bond auction target for a third week as contagion from China’s yuan devaluation spread through emerging markets. The ruble fell as Brent slid below $48 a barrel for the first time since January.
The government sold 60 percent of the 10 billion rubles ($151 million) of floating-rate and fixed-coupon bonds it offered in auctions Wednesday after investors sought a higher price for the debt than the Finance Ministry was prepared to pay. The ruble dropped for a fifth day, retreating 0.5 percent to 66.1980 against the dollar, the lowest since Feb. 12.