Volume and interest rates decline

8 июня 2016 года

Yesterday's primary auction collected only UAH0.36bn of demand, which was concentrated at long-term end of yield curve, for 12-month and 2-year bonds. Compared with previous auctions, demand was insufficient. The MoF accepted the main part of demand but received only UAH0.31bn of budget proceeds.

Only one bid was submitted (and accepted) for 12-month bonds, that being for UAH175.0m at 16.85%, the same as the cut-off interest rate last week. The 2-year bonds received six bids at 16.90-17.20%, for a total of UAH182.95m, but the MoF accepted only bids with interest rates below 17.00% and non-competitive bids at a 16.99% weighted average interest rate. The MoF sold UAH157.95m of 2-year bonds at par value.

Because of the significant amount of bonds sold during the previous two weeks, and bondholders currently trying to change their portfolios to optimize profitability, preferring more profitable bonds issued earlier this year, demand appears to be decreasing. The next two auctions could see larger demand for 2-year and 3-year bonds, especially if anticipations of further interest rates cuts by the NBU increase, supporting demand for bonds with higher interest rates.

Источник: ICU

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