NBU purchased new bonds, but liquidity increases little

NBU purchased new bonds, but liquidity increases little



18 травня 2015 года
ICU

Broader banking sector liquidity rose UAH0.83bn to UAH62.19bn last Friday after the NBU purchased about UAH2.0bn of government bonds from the other residents' portfolio. Banks' correspondent accounts with the NBU fell UAH1.95bn to UAH26.30bn while total CDs outstanding rose UAH2.78bn to this year's record high of UAH31.06bn. Total local currency debt repayments scheduled for the next 30 days remained steady at UAH4.83bn. KyivPrime interest rates remained steady: the KyivPrime ON interest rate was at 21.00% and the KyivPrime 1M interest rate remained steady at 28.00%.

Investment implications: The NBU's purchase of UAH2.0bn in bonds was likely for specific funding, such as buying FX or DGF transfers for deposit repayments. As this money will not be accounted for in banks' accounts with the NBU or in CDs, there should be no impact on liquidity. At the same time, in the broader indicator we saw a reallocation to CDs, as the total outstanding rose to the record high of this year, above UAH31.0bn, including 11.49bn of ON CDs which should be repaid last Friday but were most likely were refinanced with new issues.

Источник: ICU

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