Liquidity recovers slightly

Обзор облигаций 07.09.2015 Banking sector liquidity rose a slight UAH0.49bn to UAH71.33bn last Friday as banks' correspondent accounts with the NBU increased UAH0.38bn to UAH23.57bn and total CDs outstanding rose UAH0.11bn to UAH47.77bn. Investment implications: Liquidity continues to recover, albeit slightly, most likely as funds were spent at the FX market and the MoF made no significant expenditures at the beginning of the month. There could be repayments of long-term loans which banks received last year or at the beginning of this year, the same as older loans or stabilization loans issued by the NBU. These repayments also could reduce the increase in liquidity.