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Russian cancels treasury bond auction for seventh straight week
September 2, 2014 / 11:00 AM / in 3 years

Russian cancels treasury bond auction for seventh straight week

MOSCOW, Sept 2 (Reuters) - Russia’s Finance Ministry said in a statement on Tuesday it was cancelling this week’s treasury bond auction due to “unfavourable market conditions”.

This is the seventh straight week the auction has been cancelled, suggesting that demand for Russian bonds remains weak in light of the Ukraine crisis.

Deputy Finance Minister Sergei Storchak said on Aug 20 that borrowing costs were too high to make bond issuance attractive, because of a “political margin”.

He also said that there was no acute need to raise funds as the ministry projects a budget surplus this year.

The ministry holds its weekly domestic bonds sales on Wednesdays and announces the planned sales volume on Tuesdays. (Reporting By Oksana Kobzeva, writing by Jason Bush; editing by Katya Golubkova)

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