Bond Market Insight -- Yield curve remains steady

​Yesterday's auctions confirmed anticipations that the market will not force bond purchasing at any price, while the MoF will not increase interest rates. The MoF received six bids, one for 77-day bonds, one for 12-month bonds and four for 2-year bonds. Out of this demand, the MoF rejected only the bid for the 77-day bond due to the high level interest rate at 14.75%. The main portion of yesterday's demand was submitted for 12-month and 2-year bonds at the usual level of interest rates, 14.95% and 15.09%, respectively.