UAH sovereign debt yields drop to 16-17.3%

The Finance Ministry held a primary local sovereign bond auction yesterday, in which average yield on 11-month bonds (OVDP) was set at 16%, 5-month bonds – 17% and 3-year bonds – 17.3%. This was well below the rates of 20-25% at previous auctions in 2010. Yesterday the government attracted a total of UAH 626 mln (OVDPs with a notional value of UAH 9.8 bln mature in April-July 2010).