Domestic QE in operation

Domestic QE in operation



20 січня 2015 года
ICU

Last week's primary auctions appear to have been supported by domestic QE as the MoF purchased a significant portion of the government bonds sold last week. The MoF sold UAH5.74bn of bonds (par value), providing UAH5.54bn of proceeds. As the NBU included in its statistics zero-coupon bonds at their present value at the auction, not at par value, the total volume of bonds outstanding last week rose UAH5.75bn, including an increase of FX-denominated bonds outstanding due an increase in the NBU UAH/USD official exchange rate from UAH15.7580/USD last Monday to UAH15.8764/USD last Saturday.

Investment implications: Of the UAH5.54bn of last week's real bond issuance, the NBU purchased UAH5.23bn. Most likely, the NBU will purchase more bonds this week. In its debut auction of this year, the NBU provided significant support which we expect to continue this week.

Источник: ICU

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