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The Finance Ministry has intervened heavily at an auction of six-month treasury bills, driving yields downward, analysts said Thursday.
Wednesday's tenth issue of six-month notes at the Moscow Interbank Currency Exchange, was heavily oversubscribed, with 1.136 trillion rubles ($273 million) worth of bids placed for 800 billion rubles worth of securities.
The Finance Ministry sold 770 billion rubles worth of the securities at an average annualized yield of 339.5 percent, down from 366.7 percent at the last auction of six-month bills on Jan. 18.
"The Ministry of Finance was successful in supporting the lowering of yields," said Igor Doronin, an analyst at the MICEX.
Doronin said the ministry offered a smaller tranche, suspecting dealers would oversubscribe, thus lowering yields.
Ministry Supports T-Bills
10 February 1995
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