Russia Sells 10% of Bonds Offered at First Sale in Six Weeks
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Russia sold less than 10 percent of the amount offered in its first debt auction in six weeks, declining to give in to investor demands for higher yields amid an intensifying conflict in Ukraine and a bear market in oil.
The Finance Ministry placed 491 million rubles ($10 million) of the securities due in May 2016 at a weighted-average yield of 10.06 percent, according to a statement on its website. The ministry was marketing 5 billion rubles and investors submitted bids for 2.16 billion rubles, most of which were rejected for being too low. It last sold similar-maturity debt in January at 6.67 percent.