Small portion of new borrowings

Small portion of new borrowings



17 березня 2016 года
ICU

Yesterday's 3-year bond re-offering was quite successful as the MoF sold UAH80m of bonds at the routine 20% interest rate (21% YTM). The MoF received and accepted the sole small bid. The total outstanding of this bonds issue rose to UAH615m.

As the MoF does not need large volumes of budget proceeds from capital markets at the moment, any demand at interest rates within the current yield curve are deemed acceptable. The same situation occurred over the past days days: on Tuesday, the MoF had a chance to borrow more funds, while yesterday's demand was non-systemic and situational.

Following the lack of acceptable demand during recent weeks, primary auctions received potential demand and a portion of this demand was accepted this week. As the MoF still refuses to accept rates above the current yield curve, the primary market could become more active if real rates decline and banking sector liquidity stabilizes after last week's outflows.

Источник: ICU

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