Finance Ministry sells UAH 305 mln in local bonds at auction

The Finance Ministry placed UAH 305.0 mln in local bonds at a scheduled primary auction yesterday. The government offered 6M, 1Y, 3Y and 5Y series. Market demand totaled UAH 883 mln, about 70% of which (UAH 625 mln) was for 3Y bonds, with bids at 10-11% yields. The Finance Ministry accepted UAH 305 mln at the lowest yield. Svetlana Rekrut: Yesterday’s auction was the last before the government redeems UAH 2.8 bln in local bonds. Both the market and Finance Ministry showed little interest in the new bond placement, in line with our expectations. We believe this will continue at least through summer given the lack of further considerable repayments until September and the government’s sufficient cash position.