Russia's Finance Ministry calls off weekly bond auction

MOSCOW, April 23 Wed Apr 23, 2014 5:54am EDT

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MOSCOW, April 23 (Reuters) - Russia's Finance Ministry said on Wednesday it had cancelled its weekly treasury bond auction as the bids received did not adequately reflect the value of the securities.

The ministry had planned to sell up to 20 billion roubles ($560 million) worth of 11-year and six-year bonds.

But the auction was called off "due to a lack of bids at price levels that would adequately reflect the credit quality of the bonds," the ministry said in a statement.

The auction has been cancelled for the third week in a row.

(Reporting by Elena Orekhova; Writing by Lidia Kelly, editing by Jason Bush)

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