Primary auction results

Обзор облигаций 25.02.2015 The MoF received and accepted only one bid for UAH18.79m at 16.70% for the 2-year local currency bond yesterday, providing the state budget with UAH18.96m of proceeds. The 5-year bond attracted no demand. Investment implications: With UAH2.12bn in scheduled repayments this week, including UAH0.64bn due yesterday and UAH0.61bn due today, the MoF should use budget revenues for these repayments. However, if funds for budget expenditures are insufficient, an unscheduled auction could be held later this week.