Primary auction results

Primary auction results



18 лютого 2015 года
ICU

The MoF offered two local currency bonds and one USD-denominated bond at yesterday's primary auction. While the two-year and five-year local currency bonds received no bids, the 1-month USD-denominated bond raised US$100.0m, providing US$99.36m in proceeds. It appears there was no domestic QE support.

Investment implications: Following the MoF's large FX debt repayment last week, only US$50.0m in weekly FX repayments are scheduled over the next two weeks. As a result, yesterday's FX proceeds should mostly cover FX-denominated domestic debt repayments through the end of February. As the MoF anticipates the first IMF tranche at the beginning of March, yesterday's raised funds should cover the short-term budget gap and repay it after the new financing from the IMF is received.

Источник: ICU

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