Preview of tomorrow\'s gov\'t bond auction; bank liquidity down; UAH slightly down while macro backdrop firms

Last week was eclipsed by the MoF\'s news flow, including the unexpected news of the publishing of the new auctions schedule for next month. Over the last two months, the MoF has published its new schedule at the beginning of the each month, so the new schedule for March breaks protocol, as it is the first one published two weeks in advance. The new schedule is not much different from February\'s schedule, however, and the list of bonds will be the same as in February, with the MoF holding auctions twice each week (excluding 8 March, 2012, because of the public holiday). Also, the MoF will offer the shortest-duration notes─the 3-month bonds─together with USD-denominated bonds, every Tuesday next month. The main difference will be in the 3-year USD-indexed bond offerings, which will be held only twice next month. For details, please see the table below.

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