Bond Market Insight -- Insufficient demand for 12-month bonds

​With interest rates coming in similar to those at last week's auction, the MoF received little demand at Tuesday's auction. Bonds with maturities up to 9 months received no bids while 12-month bonds received four bids for a total of UAH294.58m (par value) from which the MoF accepted three bids for a total of UAH194.58m (par value). Bids were submitted in the range of 14.94-15.15%, but the MoF rejected the most expensive bid at 15.15% and accepted only bids with interest rates up to 14.99%, the weighted average interest rate of last week's auction, for budget proceeds of UAH169.79m.