Bonds: Primary auction results

Обзор облигаций 12.11.2014 After removing the 2-year and 5-year bond offerings from its schedule, the MoF offered only a 10-year bond yesterday and received only one bid for UAH1.50bn (par value) at the routine 15.50%. Proceeds were UAH1.51bn. Investment implications: The MoF refinanced all but UAH0.10bn in principal repayments and UAH0.55bn in interest repayments out of the UAH2.16bn of total repayments scheduled for today. We expect additional auctions this week.