Auction results

Обзор облигаций 31.03.2016 The MoF sold only UAH24.30m of 3-year bonds (par value), providing the state budget with only UAH25.13m in proceeds. All three bids submitted at 20% were accepted. The MoF financed budget at UAH1.85bn in local currency and probably will continue to keep the yield curve unchanged, trying to increase borrowings without increasing the cost. For 2Q16, the MoF will set no limits on offerings and cancelled the auctions to be held on Wednesday. The routine 2-year and 3-year bonds will be offered, but the 1.5-year bond will not. Finally, the primary market could become more active due to the resumption of FX-bond offerings.