Yesterday, the MoF decreased interest rates for UAH bonds by 20‒30bp, accepting about half of the received demand.
The largest demand and the most significant decline in interest rates were for 12-month bills. This paper was almost 3x oversubscribed—demand was UAH8.7bn while the cap was UAH3bn (US$77m). All bids were lower than last week: the highest rate was 16.6% (20bp lower), while the lowest was 16.25% (45bp lower). Due to the cap, the MoF set the cut-off rate at 16.5% and the weighted-average rate at 16.46%, both 30bp below last week's rates.
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