Bonds: Primary auction announcement

Обзор облигаций 16.09.2014 The MoF will offer two 2-year bonds today, one of which will be denominated in US dollars. Two weeks ago, local currency bonds were sold at 16.50%, while USD-denominated bonds were last sold at the end of July after which they received no bids at three auctions since then. Investment implications: We do not anticipate large demand at today's primary auction. The USD-denominated bonds could receive a few market bids, while the local currency bonds could attract some domestic QE support.