Primary auction schedule

Обзор облигаций 04.11.2014 The MoF published the November schedule of primary auctions, holding only four auctions and offering only four bonds this month. According to this schedule, each week the MoF will offer 5-year and 10-year local currency bonds, which usually collected only demand supported by domestic QE. Also, today and next week the MoF will offer a 2-year bond which saw moderate market demand last month. USD-denominated bonds will be also offered in November, at the end of the month, and the MoF will offer 2-year bonds, most likely to be denominated in US dollars Investment implications: As this schedule is preliminary, most likely it will be changed a few times this month. As the MoF returned to its old routine of routinely holding unscheduled auctions during October, it is expected to continue to do the same more frequently. At the same time, we do not anticipate significant changes to the offered set of bonds, and the MoF will offer mostly 2-year, 5-year and 10-year bonds, but more frequently than was scheduled originally.