Primary auction announcement



25 января 2016 года
ICU

Last Friday, the MoF announced an offering set for tomorrow of four new bond issues with maturities from six months to 1.5 years. There will be three zero-coupon bonds: a 6-month bond with redemption on 20 July 2016, a 9-month bond with redemption on 19 October, 2016, and a 12-month bond with maturity on 18 January 2017. Also, the MoF will offer a 1.5-year bond with redemption on 19 July 2017 and semi-annual coupon payments.

Investment implications: Per its schedule, the MoF id offering four bonds at Tuesday's auction. Taking into the account the results of recent auctions, the MoF could accept bids with interest rates in the range of 18.0-19.5% for the various bonds. At the same time, demand should be seen with interest rates up to 21-22%.

Источник: ICU

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