Primary auction results

Обзор облигаций 06.04.2016 At the first auction in 2Q16, the MoF received UAH1.31bn of proceeds in local currency and US$0.65bn in US dollars. This auction's result is significantly large, as in 1Q16 the MoF received UAH1.85bn and US$0.92bn, respectively, as a total for the full quarter from all auctions that occurred. Investment implications: Large demand and significant proceeds likely were supported by state-owned banks (for liquidity) as much as by banks providing social and other payments from state budget, particularly for their portfolios to be compliant with new requirements in one month.