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Russia Axes 1st Bond Sale in 3 Months as Ukraine Drives Up Yield

Russia canceled its first ruble bond auction in three months after borrowing costs surged to the highest level in more than two months yesterday as the U.S. and EU weighed sanctions.

The Finance Ministry said it pulled tomorrow’s sale, citing “unfavorable market conditions” in a statement on its website today. The yield on Russia’s ruble debt due February 2027 fell nine basis points to 9.14 percent as of 2:31 p.m. in Moscow after jumping 19 basis points yesterday.