Primary auction results

Primary auction results



19 лютого 2015 года
ICU

At an unscheduled auction yesterday, the MoF sold US$40.25m of USD-denominated bonds with redemption on March 17, 2015. These bonds were sold to only one bidder at 8.75% interest rate, most likely to increase the MoF's FX reserves prior to scheduled FX-denominated debt repayments.

Investment implications: Although the MoF refinanced FX-denominated domestic debt repayments scheduled for the rest of this month, some external debt repayments most likely were not refinanced and should be covered by new borrowings. As all of these borrowings are short-term, most likely they will be repaid from FX funds received from the new EFF program through which the MoF expects to receive its debut tranche at the beginning of March. As more than US$140m in FX could be scheduled for repayment, there could be additional offerings of USD-denominated bonds until the EFF funds are received.

Источник: ICU

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