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. Last Updated: 07/27/2016

Agrobond Auctions

MOSCOW -- Russia's Finance Ministry said Thursday that it was canceling auctions of agrobonds announced for Aug. 7 and 10 due to high yields on the market and recent defaults by issuers.

The ministry said in a statement it would decide on restarting auctions of the bonds, which are securitized debt for supplies of goods from the federal government to agricultural enterprises, after the situation had stabilized.

The cancellation of the two auctions comes as banks face a wave of defaults on the debt with only eight regions out of 40 honoring their obligations in full.