April primary auction schedule

April primary auction schedule



31 березня 2015 года
ICU

In its announcement of the primary auction schedule for April, the MoF scheduled only one primary auction of "military" bonds which have not yet been offered this year. As the MoF sold a paltry UAH99.90m (par value) at an unappealing 7% coupon rate last year, the patriotic nature of this bond did attract some demand. We expect the same offering terms - a 2-year maturity and a 7% coupon - and possibly a re-opening of last year's issue.

Investment implications: The MoF is unlikely to offer regular bonds to the market as it received the debut EFF tranche from the IMF and immediate refinancing is minimal. However, this schedule could be revised if local currency financing needs arise.

Источник: ICU

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