MoF will resume primary auctions



11 января 2016 года
ICU

The MoF has scheduled a primary auction tomorrow, offering a 1-year local currency bond. Although banking sector liquidity, down since the year's beginning, from UAH125.26bn to UAH117.85bn last week, could support demand at the year's debut auction, low interest rates are not anticipated. We expect bids at around 19% and a small portion of demand to be accepted. The MoF started this year with UAH9.02bn at the treasury account, the lowest level since February 2015, which could necessitate new borrowings. The new schedule of auctions includes local currency bonds each week in 1Q16 and monthly offerings of USD-denominated bonds. The high level of liquidity and low level of funds at MoF accounts should force the MoF to accept some bids and attract funds to the state budget. At the same time, the high level of liquidity could force some banks to submit bids at lower interest rates.

Источник: ICU

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