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Business

Germany Sells Russian Debt Bonds

The German government has completed the sale of €5 billion ($6.14 billion) in bonds linked to debt the country is owed by Russia, a German finance ministry spokesman said on Friday. He added that interest in the bonds with yields between 7.75 and 9.6 percent had been tremendous, with orders of €20 billion surpassing the available bonds four-fold. Russia, which owes Germany €14 billion, had agreed to the sale despite concerns that it would lower the price of other Russian debt bonds. German Finance Minister Hans Eichel had been banking on the money as he needs to fill a €10 billion budget hole this year. Germany's state-owned KfW Bank Group, Deutsche Bank and Goldman Sachs managed the sale.

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