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Yet another unscheduled OVGZ-auction

November 27, 2012

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

Yesterday, the MoF announced an unscheduled auction for today offering a 3-year USD-indexed bond, which was last sold on 15 November, at a low volume of UAH80.0m at the standard 9.30% interest rate.
Investment implications: The MoF has a UAH583.41m debt interest repayment, including UAH179.94m (US$22.07m) in USD-denominated bond servicing, scheduled tomorrow. Most likely, the MoF will attempt to refinance at least UAH400.0m of the repayment today. This auction was expected as MoF funds are expected to be low until it receives proceeds from the recently issued Eurobond offering. Any attempt by the MoF to refinance these interest repayments could be perceived as a signal that it revenues from quarterly tax payments were insufficient, possibly indicating that revenues from monthly tax payments due this week could also be lower than expected. This message could be very important as significant debt repayments are scheduled in December.

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