Insufficient financing

Insufficient financing



25 лютого 2015 года
ICU

Yesterday's primary auction attracted little demand and no NBU support. The MoF received and accepted, despite the paltry size, the sole bid for UAH18.79m (par value) at 16.70% for the 2-year local currency bond.

The MoF is scheduled this week to repay UAH2.12bn in local currency bonds, including UAH0.64bn to be repaid yesterday and UAH0.61bn scheduled for today. Because today's proceeds cover less than 10% of this week's repayments, the balance should come from budget revenues.

Since the MoF has insufficient reserves to fulfill these repayments, we anticipate additional unscheduled primary auctions with significant domestic QE support.

Источник: ICU

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