Primary auction results

Обзор облигаций 13.04.2016 The MoF sold only UAH180.6m of 3-year bonds as demand fell from last week. Yesterday five bids were received and accepted by the MoF, providing the state budget with UAH188.03m of proceeds. There were no bids for other maturities. Investment implications: This demand was insignificant compared with last week's auction. However, the lowest demand for this bond occurred at the end of March when the MoF sold only UAH24.30m of these bonds (par value), while at the beginning of February, the MoF sold UAH463.74m of the same bonds as it accepted five bids as well. It appears that demand for the new bonds comes from a limited number of investors and is probably not stable as demand is so low.