Liquidity slightly declines

Обзор облигаций 09.06.2015 After rising over the past two business days, broader banking sector liquidity slightly fell yesterday, down UAH1.50bn to UAH57.84bn, caused by a UAH2.24bn decline in banks' correspondent accounts with the NBU to UAH19.40n, the record low of this year. Total CDs outstanding rose just UAH0.39bn to UAH34.33bn and total debt repayments scheduled for the next 30 days rose only UAH0.35bn to UAH4.11bn last Friday. Investment implications: The decline in liquidity could be caused by Naftogaz's exchanging funds to purchase FX to fulfill gas payments. Although no loan repayments were scheduled, stabilization loan repayments could have put pressure on liquidity.