5-year bond sold

Обзор облигаций 17.12.2014 The MoF significantly changed yesterday's schedule as it cancelled the 2-year FX-denominated bond as well as the 2-year and 10-year local currency denominated bond offerings. As a USD-denominated bond was sold last week, the 2-year FX-denominated bond was not needed. The 5-year local currency bond replaced the two local currency denominated bonds. The 5-year bond was last sold under the same terms as in mid-November, placing UAH1.00bn at the standard 14.25% rate. As with all auctions in December so far, the MoF received one large bid. Although the MoF did not change the schedule for the remainder of the month, we could see additional auctions this week. We anticipate domestic QE support and no market demand, the next Tuesday's offerings could be amended, particularly with a large FX redemption scheduled.