Bonds: Additional primary auctions

Обзор облигаций 13.10.2014 The MoF amended its schedule last week and held an additional auction last Friday. The MoF the offered 5-year bond, which is routinely offered when supported by domestic QE, and sold UAH1.60bn of these bonds at 14.25%, prices significantly below the market rate, last Friday. The MoF announced the same offering for today and most likely will sell more of this offering. We anticipate no market bids at either today's offering or for the auction scheduled for tomorrow.