Bonds: Primary auction announcement

Обзор облигаций 29.10.2014 The MoF announced a new primary auction for today, offering two bonds, with one denominated in local currency and another denominated in Euros. The local currency bond will have a 20-year maturity, while the EUR-denominated bond will have a 1.5 year maturity with a redemption date in April 2016. Investment implications: As the MoF has not sold EUR-denominated bonds since last December, this auction most likely was announced to refinance the EUR60m redemption scheduled for today. It appears that raised funds will be paid immediately for the new bonds as the settlement date is the following day (Thursday).