Bond Market Insight -- MoF increases borrowings
As expected, yesterday's auction resulted in an increase in borrowings, and rates increased for some instruments. Total budget proceeds were UAH1.5bn, US$127m, and EUR30m, which is very positive prior to large debt repayments. The Ministry's decision to hold rates unchanged when demand was very low brought about yesterday's result. With larger demand, the MoF moved rates up last week and continued this movement yesterday.
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