Bonds: Primary auction results

Обзор облигаций 15.10.2014 At yesterday's primary auction, the MoF fulfilled a single bid for UAH700.0m in 5-year bonds at the same 14.25% interest rate as last Friday; the 7-year bond received no bids. The budget received UAH701.59m in proceeds. Investment implications: The MoF once more sold 5-year bonds via domestic QE, while the NBU purchased UAH1.6bn of bonds last Friday, the same volume as was sold at last Friday's primary auction. We anticipate an additional increase in the NBU's portfolio today or tomorrow.