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. Last Updated: 07/27/2016

T-Bill Yields Rise Slightly

Average annualized yields on three-month government treasury bills rose to 61 percent at Wednesday's auction from 52.02 percent at the previous auction.

Yields on the government bonds have been falling steadily this year, but one analyst said Wednesday's upward blip was not significant because it was in line with current returns on the secondary market.

Dealers oversubscribed the 60th issue, making bids for 4.82 trillion rubles of the 4.5 trillion issue ($937 million), according to data from the Central Bank. Of that, 4.496 trillion rubles were placed.

The average price at the auction was 86.8 percent of nominal value, and the Finance Ministry sold at 86.1 percent. The T-bills are sold at a discount.

Tom Reed, a fixed-income analyst at AIOC Capital, said that usually the primary auction yields will give a 2 percent or 3 percent premium over the secondary market. The yield at Wednesday's auction was only comparable, he said.