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OVGZ-auction results: Exceeds refinancing needs

October 24, 2012

Taras Kotovych, Fixed-income analyst, Investment Capital Ukraine:

Yesterday's auction results significantly exceeded the prior week’s proceeds. Total debt repayments scheduled for today were UAH0.43bn, including UAH0.12bn (US$14.73m) in USD-denominated bond interest repayments, while budget proceeds from yesterday's auction were more than UAH1.0bn.
The MoF received seven bids today, mostly characterized as friendly, as each offering attracted bids of UAH500.0 m par value at 14.29-14.30% from which the MoF received UAH1.01bn of budget proceeds, more than twice the total debt repayments and more than threefold the debt repayments in local currency scheduled for today.
As a result, the MoF did not need to announce new auctions for October, as the newly created reserve exceeded next week’s scheduled UAH1.72bn debt repayment. While the next auction could be expected next month, November’s scheduled debt repayments are uneventful, and whatever the MoF receives could be reserved for December, when the debt burden is expected to be significantly larger.