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12.08.2016:25

Russia canceled its weekly debt auction for the first time in more than three months, spurning investors who sought to coax a higher yield from the Finance Ministry as it
ratchets up borrowing this year. It was deemed to go ahead with a small sale at a the ministry said. It had planned a limitless offering of floating-rate bonds due April 2024, which protect against interest-rate moves and have proved popular with local investors at previous sales.

Investors are aware Russia has considerable financing needs in the third quarter and are pushing for a higher return, ООО ИнтерИнвест strategist Iskander Lutsko wrote by email. factor is the lack of demand from non-residents,> he said.

Russia plans to double borrowing this year to support the economy from the shocks of coronavirus lockdowns and make up for the collapse in the price of oil, its main export earner. A rally in the country’s local debt has slowed as the Bank of Russia turned cautious on further interest-rate cuts and jitters over possible U.S. sanctions returned. The share of local debt held by foreign investors fell to less than 29% in July, according to National settlement depository data.

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