rollover, T-bill holders renew their positions instead of getting paid on the maturing paper they hold. The sale’s bid-to-cover ratio was 1.30, unchanged from a previous auction on October 12. The settlement date is tomorrow.
Russian tycoon Alisher Usmanov and his partners will transfer the remaining holdings in iron ore producer Metalloinvest back to Russian entities from overseas after President Vladimir Putin urged businessmen to bring their assets home. Usmanov, Russia’s third-richest man who is also a major shareholder in Arsenal soccer club in England, initially responded to Putin’s efforts to encourage businessmen to “de-offshore” their assets in late 2014, when he transferred the controlling stake in Metalloinvest to Russia from Cyprus.