Russia Cancels Second Consecutive Government Bond Auction Due To “Market Conditions”
by Tyler Durden
ZeroHedge.com
02/04/2014
In the aftermath of yesterday’s Developed Market rout, it may come as a surprise how – relatively – quiet the EM bourses were. Because while the now ongoing Argentina reserve depletion continues (the country has $28 billion left – a drain of over $2 billion in two weeks, the Turkish political instability is still there, and everyone from Hungary to South Africa to India are lamenting the Fed’s taper, for the most part traders were ignoring developments out of the emerging world. This may change today when just over an hour ago, Russia announced it would cancel a bond auction for the second consecutive week after an emerging-market rout sent yields on January 2028 bonds to record highs. The reason cite: market conditions.
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