Keeping negative anticipations

Keeping negative anticipations



1 грудня 2014 года
ICU

Under its new parliament last week, only the Prime Minister was approved while other government appointments were not. As a result, financial market conditions remained unchanged from the last few months. We saw unscheduled primary auctions, a decline in banking sector liquidity, injections from the NBU and the MoF, and higher Eurobond yields.

Domestic bond market. Under the pressure of month-end tax payments, liquidity declined significantly despite large injections from the NBU and the MoF. While banks purchased a new issue of local currency bonds which mostly covered last week's local currency repayments, they also received significant funds from the MoF from deals made at the end of the previous week. The decline in liquidity caused an increase in money market indicators. KyivPrime interest rates remained high and the ON interest rate rose slightly at the end of last week.

Eurobond market. Ukrainian Eurobond YTMs slightly rose last week above 12% on negative anticipations from the ongoing conflict in eastern Ukraine and uncertain approvals of government appointments. After the Prime Minister was approved, the market view remained the same as the other new government appointments are still unknown.

Источник: ICU

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