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MOSCOW () -- Buyers shied away from a new issue of six-month treasury bonds, Skate-Press Consulting Agency reported Wednesday, purchasing less than half of those offered at auction.
Of 600 billion rubles ($288 million) worth of T-bills offered at Tuesday's sale, only 352 billion rubles worth were sold at an average annual yield of 158 percent -- 8 percent higher than the current Central Bank refinancing rate.
The government uses T-bills as a non-inflationary source of financing Russia's budget deficit.
T-Bills Go Begging
11 August 1994
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