New Issue: Russia auctions RUB 7.73 billion in two tranches to yield 8.61%, 8.94%

By Jennifer Chiou

New York, April 2 - Russia sold RUB 5.47 billion of bonds due 2019 and RUB 2.26 billion of bonds due 2023 at an auction on Wednesday, according to announcements from the Russian Ministry of Finance.

The bonds due 2019 were sold at a cut-off price of 92.9011 to yield 8.61%, and the bonds due 2023 were sold at a cut-off price of 89.95 to yield 8.94%.

The weighted average price is 92.9633 for the bonds due 2019 and 88.9833 for the bonds due 2023, resulting in yields at the weighted average price of 8.59% and 8.93%, respectively.

Russia offered RUB 10 billion of each series of bonds. It received bids for RUB 8.42 billion of bonds due 2019 and RUB 8.33 billion of bonds due 2023.

Issuer:	Russia
Issue:	Bonds
Amount:	RUB 7,727,000,000
Proceeds:	RUB 7,249,000,000
Auction date:	April 2
Bonds due 2019
Amount:	RUB 5,465,000,000
Net proceeds:	RUB 5.22 million
Maturity:	May 15, 2019
Cut-off price:	92.9011
Yield at cut-off price:	8.61%
Bonds due 2023
Amount:	RUB 2,262,000,000
Net proceeds:	RUB 2,028,000,000
Maturity:	Aug. 16, 2023
Cut-off price:	89.95
Yield at cut-off price:	8.94%

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