NBU purchases new bonds from Naftogaz

Обзор облигаций 23.04.2015 According to NBU data on bondholders' portfolios, its portfolio rose UAH2.23bn to UAH342.76bn and the other residents' portfolio declined by a similar volume. The remaining other groups' portfolios changed little. Investment implications: The NBU appears to have purchased bonds from Naftogaz, as the trading volume of mid-term bonds today more than doubled to UAH4.46bn. Naftogaz sold these bonds to a bank, which, in turn, immediately sold them to the NBU. These funds most likely were spent to purchase FX as turnover at the FX market was significantly higher on Tuesday.