Bond Market Insight -- Significant financing from FX-denominated bonds
​Today's auction budget proceeds amounted to US$4.56bn from 2-year local-currency and predominantly from FX-denominated bonds which were sold for the first time since the beginning of the year. Demand for FX-denominated bonds was quite high at US$ 462.5m in 34 bids at 5.30%-5.50%. The MoF set the cutoff rate at 5.40%, or 10 bp below that of the 3-year FX-denominated bond sold in May. Only four bids for a total of US$305.0m were rejected and the weighted average rate was 5.34%. Two-thirds of total demand was satisfied, raising US$157.5m, fulfilling 30 bids, but about 80% of this volume was sold to non-competitive bidders.
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