3-month bonds sold

Обзор облигаций 27.01.2015 The MoF started this week with an unscheduled primary auction and offered only 3-month bonds maturing at the end of April. Similar to two auctions held two weeks ago in which these bonds collected significant demand, the MoF attracted a new portion of financing under the same conditions yesterday. Two bids for a total of UAH1.50bn at 17% raised UAH1.44bn of proceeds. Two weeks ago, the MoF sold UAH5.74bn of bonds to raise UAH5.54bn. Including yesterday's proceeds, the MoF received a total UAH6.98bn of financing year-to-date, while during the same period it repaid UAH6.10bn in domestic debt principal and interest repayments. With UAH7.67bn in repayments scheduled this month, the MoF only needs UAH0.68bn through the end of the month will cover all domestic debt repayments, including those scheduled tomorrow. At today's primary auction, we expect the MoF to offer 3-month bonds, most likely re-opening yesterday's issue, to attract UAH0.70bn.