Primary auction results

Обзор облигаций 20.11.2014 At yesterday's primary auction, which was not originally scheduled, the MoF offered two bonds with 2-year and 5-year maturities, each of which received one bid for a total of UAH1.52bn, yielding UAH1.53bn in proceeds to the state budget. Bids were at interest rates similar to previous auctions, most likely were supported by the NBU as its portfolio rose UAH0.79bn, similar to yesterday's demand for the 2-year bond. While these proceeds fully covered local currency denominated debt, next week the MoF will try to refinance yesterday's FX repayments made as a 2-year USD-denominated bond offering is scheduled for next Tuesday.