Primary auction announcement

Обзор облигаций 28.03.2016 The MoF announced a new primary auction for tomorrow, following the schedule. The usual set of bonds with maturities from three months to 1.5-years will be offered, with only small changes in maturity dates for the 3-month and 12-month issues. Other bonds will be the same as offered during recent weeks. Because of month-end tax payments, and the fact that the MoF is unwilling to increase interest rates, auction results this week should be similar to last week's. Although demand should be mostly concentrated on longer term bonds, as other bonds could see some bids which will be rejected due to higher-than-expected interest rates, the MoF most likely will receive no more than UAH100m in proceeds.