Successful re-opening

Обзор облигаций 28.01.2015 At yesterday's scheduled primary auction, the MoF offered the same 3-month bonds as were sold on Monday, raising an additional UAH2.95bn of proceeds. For the month of January 2015, the MoF has repaid UAH7.61bn of scheduled repayments after having planned for UAH7.67bn of financing. As of yesterday, the MoF has raised UAH9.94bn, or UAH2.33bn more than scheduled to repay (including today's repayments) and UAH2.27bn more than was planned for the month. Demand for yesterday's auction came from three bids at 17% for a total of UAH3.07bn. These bids appear to have been supported by the NBU under domestic QE. We expect to see the NBU's portfolio increase by a similar volume shortly.