Putin Freeze Eases After Nine Bond Auction Cancellations - Bloomberg:
"The freeze in Russian bond markets is starting to thaw, with the government planning its first debt auction after nine cancellations amid the cease-fire in Ukraine.
The Finance Ministry is offering 10 billion rubles ($259 million) of securities due in August 2023 today in the first sale since U.S. and European Union sanctions in July drove up the nation’s borrowing costs by the most in emerging markets. Russian corporates are also returning, with OAO Alfa Bank and OAO Gazprombank among companies issuing bonds in September at the fastest pace in three months.
Russia’s borrowers are coming to terms with the higher price they need to pay to access cash after escalating penalties choked off their access to Western funds, according to UralSib Asset Management. Signs a Sept. 5 truce between the government in Kiev and pro-Russian separatists is holding has pushed yields lower by fueling speculation among investors that sanctions won’t be expanded."
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