Yield curve not U-shaped

27 января 2016 года

This week, the MoF continued to extend its yield curve as it sold 9-month and 1.5-year bonds. In addition to offering this year's previous auctions' 12-month and 2-year bonds, yesterday's two new yields should provide a new benchmark for today's auction of 3-year bonds. Currently, the yield curve remains between 18.5% and 19.7%, and could rise at the long-term end to 20% or higher today.

Investment implications: At yesterday's auction, although the MoF sold small volumes of new bonds with new maturities for the yield curve, the short-term end rose to the 12-month bond yield, preventing the yield curve from forming into the classic U-shape. At the same time, the new yield curve should guide the 3-year bonds offering yields to start at 20% or higher.

Источник: ICU

Другие обзоры облигаций от ICU


все компании