Bloomberg’s Mark Sweetman reports Russia canceled a bond auction after only one bidder took part in the sale.
The government was offering $US379 million-worth of 10-year notes at 7.70%-7.75%.
It’s the second time in four months, and third in less than a year, that the country’s finance ministry had to declare an auction invalid — on May 29, a surge in yields forced the cancellation of a $US1.1 billion Ruble sale.
Yields climbed 13 bps yesterday to 7.79%, and are up about 100 bps since April:
The weakness seen in Russian bonds (as well as the Russian ruble) are consistent with the general weakness seen in all emerging markets lately.