Primary auction results

Обзор облигаций 20.04.2016 Yesterday, the MoF sold UAH706.27m of 2-year bonds as opposed to UAH180.60m of 3-year bonds sold a week ago. Also, the MoF sold 9-month bonds yesterday, but only the low volume of UAH567,000 (par value). Investment implications: Yesterday's proceeds are the result of accepting all bids which are usually submitted at the same level of interest rates as the MoF's cut-off interest rates set earlier this year for each offered maturity. Only one bidder purchased 9-month bonds and three bidders purchased 2-year bonds. Other bonds received no bids most likely due to different views on interest rates.