The Russian Finance Ministry sold 9.9 billion roubles ($313.64 million) of OFZ treasury bonds, maturing in February 2027, out of 10 billion roubles on offer.
The average yield was set at 8.14 percent, closer to the lower boundary of 8.13-8.18 percent yield guidance announced on Tuesday. The ministry said demand at the upper boundary of the yield guidance reached 18.5 billion roubles.
Analysts at Raiffeisen Bank said in a note before the auction they recommended buying OFZs with the longer tenor.
"Positive global market news... supported demand, as did local factors," analysts at Aton said in a note, referring to Germany's decision to give the go-ahead to the euro zone's new rescue fund and the firming rouble.
On Wednesday, the rouble rallied to levels last seen in May thanks to a rise in Brent crude prices to $116 per barrel and globally increased interest in riskier assets.
At a separate top-up auction, the Finance Ministry raised 3.06 billion roubles in OFZs maturing in February 2019 out of 20 billion roubles on offer
The ministry had guided investors towards yields of 7.63-7.68 percent and set an average rate at the upper boundary of the guidance, the same level seen in the secondary market before the auction.