Russia Cancels A Bond Auction After Only A Single Bidder Showed Up

Bloomberg's Mark Sweetman reports Russia canceled a bond auction after only one bidder took part in the sale.

The government was offering $379 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 $1.1 billion Ruble sale.

Yields climbed 13 bps yesterday to 7.79%, and are up about 100 bps since April: