All bids accepted

Обзор облигаций 24.03.2016 Auctions of mid-term bond offerings are more active than those of zero-coupon short-term bonds, as the 19.5-20.0% rates on the 1.5-year to 3.0-year bonds are much higher than those for zero-coupon bonds. As the MoF's Wednesday auctions have no set limits, all three bids were accepted, raising UAH183.6m in 2-year bonds. All bids were submitted and accepted at 19.7%, a rate that has not changed since the beginning of the year. Demand is not competitive, following the MoF's established yield curve, as investors avoid the market rather than submit bids at higher interest rates will be rejected by the MoF. As a result, fixed interest rates at low volumes have caused the yield curve to be inflexible. Although the cost of borrowings is stable, the MoF has blocked its ability to attract additional funds by rejecting real market demand at higher rates.