Bond Market Insight -- Insufficient demand and proceeds
Yesterday, for the first time this month, the MoF borrowed some funds for the state budget, but only a minimal amount of proceeds from FX-denominated bonds. Two bonds were offered at the auction, namely 11-month bonds in local currency and 2-year bonds denominated in US dollars, of which the MoF sold only USD-denominated bonds. Demand for local-currency bonds was a paltry UAH0.4m in one non-competitive bid, which was rejected due to lack of competitive demand. The bidder was most likely willing to buy bonds at any interest rate approved by the MoF.
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