Unscheduled primary auction

Обзор облигаций 30.09.2014 The MoF held an unscheduled primary auction yesterday and sold UAH300.00m of bonds (par value) of 7-year bonds at 15.50% to one bidder . Investment implications: While the MoF appears to have used domestic QE to support this auction, the interest rate remained the same as that for the 10-year bonds sold last week. There was no market demand despite the significant increase in liquidity.