Russia sees strong demand for 10-year OFZ bonds

MOSCOW: The Russian Finance Ministry sold 34.2 billion roubles ($1,1 billion) of 10-year OFZ treasury bonds at auction on Wednesday at an average yield of 7.79 percent, with no premium to the secondary market.

The average yield at the auction was at the lower end of initial guidance of 7.78-7.83 percent. Bids up to the cut-off yield totalled 47.6 billion roubles.

Russia's Finance Ministry plans to auction 335 billion roubles ($10.7 billion) in OFZ treasury bonds during the fourth quarter of 2012.