Primary auction failed.

Primary auction failed.



15 липня 2015 года
ICU

Having provided no indication of what interest rates would be accepted, the MoF's primary auction of 2-year bonds received no bids. Considering the rates at which these bonds were last sold in February, the NBU's interest rates in its quotes at the secondary market, and lower interest rates on CDs at today's tender, the market appears to have anticipated that the MoF could reject bids with interest rates above 19%, a level below the NBU's 6-month and 12-month bond offerings at 21.20% and 20.50%, respectively, that investors would rationally prefer. Most likely, this negative anticipation resulted in no bids being submitted at the primary auction, causing it to be cancelled.

Источник: ICU

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