ICU: Daily Insight -- Primary auction: 42-day bond offering

​For the second consecutive week, the MoF is offering only zero-coupon bonds with maturities up to 12 months. The shortest maturity is 42 days, which could be a good alternative to CDs. Last week, the MoF offered the same bond with maturity on March 22 which attracted no demand. The last time the MoF sold 3-month bonds was at the beginning of last December at 15%. The current maturity is significantly shorter. As a result, the interest rate should be lower, but higher than 14%, interest rate for 14-day CDs.