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Russia Ready to Borrow Above 9 Percent

As ruble debt comes off worst quarter since 2011, government indicates it's ready to pay highest rate in five years.

By Vladimir Kuznetsov, Bloomberg | Updated on September 29, 2014

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 (US$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.

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