Primary auction results

Обзор облигаций 06.02.2015 Following Tuesday's auction at which the MoF refinanced only US$60.0m of the US$237.22m in debt repayments scheduled for next week, an additional auction was announced yesterday were sold US$100.0m (par value) of the same USD-denominated bonds that were placed on Tuesday at the same interest rate. Investment implications: Yesterday's auction raised US$98.91m in proceeds, increasing the FX-denominated financing to US$158.91m, or 67% of next week's scheduled FX repayment. This refinancing appears to have been pre-arranged as state-owned banks were the largest holders of FX-denominated bonds.