Longer term bonds sell

Longer term bonds sell



30 березня 2016 года
ICU

The MoF continued to sell bonds with longer maturities of the routinely offered bonds. Yesterday, the 1.5-year bond as was the 12-month bond which the MoF has not sold since mid-January. The MoF received a total of UAH62.32m of budget proceeds at the usual interest rates.

Of the four bids submitted, the MoF accepted only two, rejecting one for the 6-month bond at 20.10% at a mere UAH5.44m (par value). Of the two bids submitted for the 12-month bond for a total of UAH55.98m (par value), the MoF rejected one for UAH5.98m at 20.10% (based on low volume and high rate) while it accepted the other at 18.50%. Finally, it accepted a bid for the 1.5-year bond at 19.50% for UAH19.28m.

The outcome of yesterday's auction is very similar to auctions held in 1Q16 when demand and budget proceeds were concentrated mostly at the long-term end of the yield curve. Longer bonds were more attractive for investors, providing the state budget with financing at more attractive interest rates. Today's auction and cancellation of limits at the offering could stimulate a slight increase in demand for new bonds at the long-term end of the yield curve.

Источник: ICU

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