Russia Pulls Debt Sale as Oil Slump Sends Yields to 5-Year High
This article is for subscribers only.
Russia canceled tomorrow’s ruble-bond auction after an oil-price slump sent the nation’s borrowing costs soaring to a five-year high.
The Finance Ministry pulled the offering due to “unfavorable market conditions,” according to a statement on its website today. The yield on 10-year local-currency bonds climbed six basis points to 9.93 percent at 2:47 p.m. in Moscow, the highest since 2009 on a closing basis. The debt had its worst week since August in the five days through Oct. 10.