Yesterday, the MoF replaced two old UAH bonds by offering new securities, but received low demand, refinancing only half of today's debt redemption.
Twelve-month bills received the largest demand yesterday, UAH2.7bn (US$71m), just UAH0.3bn less than the cap. Interest rates were mostly the same as last week, so the MoF accepted all bids and was able to borrow UAH2.9bn (US$76m).
The MoF set the cap for the new two-year paper at UAH4bn (US$105m), but received only UAH1.3bn (US$35m) of demand. All bids were accepted without changes in interest rates compared with last week's offering of 20-month bills, which was 17.6%.
The MoF offered a new 3.5-year note instead of three-year "reserve" paper, which the NBU can also add to the list of "reserve" bonds. However, demand was the smallest yesterday—UAH1.2bn (US$32m)—with interest rates mostly at 18.5%, the same as for the three-year "reserve" notes last week.
Finally, the state budget received UAH5.4bn (US$144m), covering nearly half of today's debt redemption. However, there is a high UAH debt refinancing rate YTD - 175%. But, for the MoF, it will be better to refinance redemptions immediately to avoid using tax and other budget revenues for debt repayments.
Research team: Taras Kotovych.
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Comments ( 1)
Nothing is for free ...
The USA itself has thousands of homeless people due to some reasons like being unable to afford renting or buying a house . Please do your best to solve this problem before criticising the Russian regime , who though should not have done so and so in Ukraine ...
Why wouldn't they help your country men live in shelters at least if not in small flats .
THE US AND the west themselves have secretly supported the autocrats in Russia and they have supported the previous Iraqi president in its conflict with the Iranian regime .They have sold weapons worth several billions of dollars and have taken from the natural resources of Iraq before removing the previous Iraqi president in 2003 when they wanted to ...
This might occur particularly in Russia sooner or later ...The western world also practices neocolonism weakening other countries to rule over the world ...I am not saying that the Chinese or the Russian regimes are angels or perfect charitable organizations either , but I doubt that the only reason for the Western support to Ukraine is only for human rights , democracy and dignity ...They have their own economic interests and again something is required in return ...
...May peace and blessings come and overflow