Liquidity continues to decline

Обзор облигаций 03.12.2015 Banking sector liquidity once more declined yesterday, down UAH0.66bn to UAH87.64bn, as banks' correspondent accounts with the NBU fell UAH1.64bn to UAH25.30bn while total CDs outstanding rose UAH0.98bn to UAH62.34bn yesterday. Investment implications: This month's decline in liquidity most likely was caused by outflows and FX market sales. At the same time, the reallocation of liquidity to CDs indicates that liquidity should continue to recover.