Bonds: Liquidity declines

Bonds: Liquidity declines



10 жовтня 2014 года
ICU

While banks' correspondent accounts with the NBU increased UAH1.00bn to UAH31.56bn yesterday, total CDs outstanding declined UAH0.67bn to UAH13.42bn and total local currency debt repayments scheduled for the next 30 days fell UAH2.29bn to UAH4.29bn. As a result, broader banking sector liquidity fell UAH1.96bn to UAH49.27bn. KyivPrime interest rates slightly rose: the KyivPrime ON interest rate rose 55bp to 8.80% and the KyivPrime 1M interest rate rose 42bp to 15.80%.

Investment implications: Liquidity fell significantly yesterday as UAH3.99bn in injections caused banks' correspondent accounts with the NBU to rise only UAH1.00bn. On Wednesday, the MoF repaid UAH2.29bn of debt repayments of which it refinanced only UAH0.97bn while the NBU issued UAH2.0bn of 3-month loans and redeemed UAH0.67bn more in CDs than it issued that day. Of the nearly UAH3.0bn in outflows that occurred on Wednesday, outside of the large redemption of local currency denominated bonds, some of the repayments could have been received by the NBU. Real outflows could be much smaller.

Источник: ICU

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