Primary auction announcement

Обзор облигаций 21.07.2015 Per its schedule, the MoF announced for today an offering of a 12-month USD-denominated bond with semiannual coupon payments. The rate will be set upon acceptance at the auction. Last month, US$140m of similar bonds were sold at 8.66% to three bidders, most likely state-owned banks. Today's auction could be more active if primary dealers submit bids both for themselves and their clients. This is different from last month when NBU regulations permitted only primary dealers to submit bids for their own demand and not for clients.