Liquidity reallocation

Обзор облигаций 13.11.2015 After a significant reallocation of funds from CDs to banks' correspondent accounts, liquidity slightly recovered yesterday, up UAH0.27bn to UAH86.26bn. Total CDs outstanding fell UAH5.69bn to UAH61.64bn while banks' correspondent accounts with the NBU rose UAH5.95bn to UAH24.62bn. Investment implications: Liquidity was reallocated from CDs to banks' accounts prior to yesterday's CDs tender of 1-month and 3-month CDs. We anticipate an increase in CDs outstanding today and a decline in banks' accounts, causing liquidity to rise further.