Primary auction results

Обзор облигаций 04.02.2015 The MoF refinanced some of its debt repayments scheduled for today and next week. At yesterday's primary auction, the MoF sold UAH23.71m of 2-year local currency bonds at 16.70% and US$60.68m of USD-denominated bonds with a 48-day maturity at 8.75%. As a result, the MoF should receive UAH23.71m of proceeds today and US$60.00m tomorrow. Investment implications: The MoF refinanced some of today's debt repayments in local currency, while the main goal of yesterday's auction was to replenish FX reserves prior to a large redemption of FX-denominated domestic debt scheduled for next week. Despite these proceeds will not cover all needs, they significantly increased the chance that this repayment will be made on time.