Russia canceled its bond auctions for the third time in less than a month as the ruble’s slide to a record low drove up borrowing costs. The Finance Ministry pulled the sales of 10 billion rubles ($280 million) of January 2028 securities and the same amount of May 2020 notes because “bids didn’t adequately reflect the credit quality of the bonds,” it said in website statements. ~ The yield on the 2028 debt rose 18 basis points to 8.62 percent by the close in Moscow, the highest on record. Russia’s currency has tumbled about 8 percent against the dollar this year, making it the worst performer after Argentina’s peso among 24 developing-nation peers monitored by Bloomberg. The ruble slid 1 percent against Bank Rossii’s dual-currency basket to 41.8345, a record low on a closing basis, amid concern the central bank’s support for the currency will be reduced by Finance Ministry foreign-currency purchases.
Posted on: Sat, 22 Mar 2014 11:25:44 +0000
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