Bonds: Additional primary auction: two bonds sold

Обзор облигаций 17.10.2014 At yesterday's additional primary auction, the MoF offered three bonds: a 2-year "military" bond, a new 8-year bond, and a 10-year bond that was also sold at the beginning of this month. Of the three offered bonds, two bonds were sold: UAH312.0m in "military" bonds was sold to one bidder and UAH1.0bn in 10-year bonds was sold to two bidders. Investment implications: Since last Friday, while the NBU has purchased UAH4.0bn of government bonds, the MoF sold UAH3.0bn earlier. Yesterday's raised funds most likely from domestic QE recently issued by the NBU as these maturities have not been requested by market players and could only be purchased via NBU support.