MoF sells 6-month bonds

MoF sells 6-month bonds



16 березня 2016 года
ICU

At yesterday's auction, the MoF sold 6-month bonds for the first time this year since resuming holding primary auctions. The MoF extended its yield curve, setting the interest rate for 6-month bonds at 18.00%, the same as for ON CDs sold by the NBU. The MoF sold 6-month bonds at UAH40.0m (par value), providing UAH36.82m of proceeds, and also sold 9-month and 1.5-year bonds at the same interest rates as before, 18.50% and 19.50% respectively, raising UAH35.14m and UAH10.29m of proceeds, respectively. Total budget proceeds raised amounted to UAH82.25m.

Demand at the auction rose significantly to UAH341.5m from lows of around UAH100.0m seen during recent prior weeks. Yesterday's demand was mostly concentrated at short-term maturities, but at interest rates up to 20.50%, most of which the MoF rejected.

Although the yield curve at the primary market arose from the 6-month maturity, low demand still indicates that current interest rates are still generally unattractive to potential investors that instead invest in NBU CDs at higher rates with shorter maturities. Although the successful sale of 6-month bonds is positive, the market still remains tepid in the near future.

Источник: ICU

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