City of Kyiv redeems new tranche of bonds

Обзор облигаций 05.11.2014 The City of Kyiv redeemed its series "D" municipal bonds issued in 2012 at the local market this Monday. During this autumn, the City's administration repaid UAH1.875bn of debt. In two weeks, UAH0.75bn of the latest series "E" are scheduled to be redeemed as well. Investment implications: Many rumours about the restructuring or refinancing of bonds with new issue were at the market, but finally we did not see any new issues recently made. So, debt was repaid from city's budget but we do not exclude the chance that debt repayments were supported from state budget via transfers using funds from new issues of domestic bonds by the government.