MoF extends yield curve

21 января 2016 года

At yesterday's auction, the MoF extended the yield curve of local currency bonds sold at the primary market to a 2-year maturity. Last week's successful placement of 12-month bonds at 18.50% and yesterday's issue of 2-year bonds at 19.70% created the baseline for the yield curve, and the maturity could be extended further next week.

The 2-year bond offering attracted UAH235m in demand at interest rates in the range of 19.70-21.00%, from which the MoF accepted only one out of five bids at the lowest interest rate. The MoF sold UAH100m of bonds at par value and received UAH100.41m of proceeds today.

Next week, on Tuesday the MoF will offer bonds with maturities from 6-months to 1.5-years and on Wednesday it will offer 3-year bonds. All these bonds will be denominated in local currency. At the same time, taking into the account the results of yesterday's and last week's auctions, in addition to demand for local currency bonds on Tuesday, we anticipate that the interest rate for 3-year bonds could reach 21%, while at the shorterinterest rates should decline not significantly and will remains above 18%.

Источник: ICU

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