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. Last Updated: 07/27/2016

Bond Auction Stalled

ST. PETERSBURG () -- A municipal bond auction designed to raise 2.1 trillion rubles ($700 million) to bolster the coffers of St. Petersburg, Russia's second city, has been postponed until mid-November, according to a city official.

St. Petersburg's plan to issue three, six, nine and 12-month zero-coupon bonds has encountered technical problems, Nikolai Kleopin of the mayoral finance committee said Friday. The three-month bonds had been due to be auctioned from Nov. 1. He would not specify what the problems were.

When it begins, the auction will be the biggest local government paper issue to date in Russia.