Primary auction schedule update

18 января 2016 года

The MoF updated its schedule for primary auctions last week, mostly changing the offerings of local currency bonds. Originally, the MoF scheduled offerings of one bond per week, but now it will hold auctions mostly twice per week in 1Q16. On Tuesday, the MoF will offer bonds with maturities from six months to 1.5 years, and on Wednesday it will offer 2-year or 3-year bonds. And additional specific condition is that the MoF will set limits on bonds offerings for all auctions scheduled on Tuesdays, except for FX-denominated bonds. In January and February, the MoF will set limits at UAH100m, while in March limits will be cut to UAH50m.

Investment implications: The revised schedule is more attuned to the market as the MoF will offer a wide range of bonds every week. The limits will allow the MoF to reject bids with high interest rates to control the cost of new borrowings, most likely at low volumes, offering T-bills with maturities of up to 12-month and bonds with 1.5-year, 2-year and 3-year maturities. The MoF will also offer FX-denominated bonds once per month.

Источник: ICU

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