Putin Ready to Borrow Above 9% Amid Bonds’ Worst Quarter - Bloomberg:
"After shunning bond auctions for nine weeks amid the worst quarter for ruble debt since 2011, Russia indicated it’s prepared to borrow at more than 9 percent for the first time in almost five years.
In its first auction since July 16, the Finance Ministry sold all 10 billion rubles ($262 million) of August 2023 notes on offer to a single bidder on Sept. 24 at an average yield of 9.37 percent. Current yields are “acceptable” and the finance ministry plans to fulfill this year’s bond sale plan, it said in an e-mailed response to questions on Sept. 26.
“The auction results and the ministry’s statement essentially say that it’s now prepared to pay more than 9 percent,” Roman Dzugaev, a fixed-income trader at OAO BFA Bank in St.Petersburg, said by e-mail the same day. “That means there will be more supply coming, though not necessarily with demand like we saw at this sale.”"
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