Bond Market Insight -- Yield curve goes up
Yesterday, the MoF held the regular auction and once more increased interest rates to borrow a significant amount of budget financing. While local currency bond rates increased, demand for FX-denominated bonds was insufficient. USD-denominated bonds received only non-competitive bid while EUR-denominated bonds received three bids for a mere total of EUR3.5m at 3.95% (unchanged from last week), from which the MoF received UAH0.11bn of proceeds.
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