Daily Insight -- Primary auction today

​At today's auction, the MoF will offer only two bonds with redemption this September and next February. These bonds, with 6-month and 12-month maturities, are the basic tenors in the auction schedule for 2Q17, and will be offered each auction. The 6-month bonds were sold many auctions ago, while the12-month bonds were sold last week at 14.90%. 

While this auction, the last prior to the NBU's monetary committee meeting, should collect large demand a key monetary rate cut has occurred in the past, this time anticipations are different.