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ICU Research: Liquidity slightly increases

December 27, 2012

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

Banks' correspondent accounts with the NBU rose yesterday UAH0.54bn to UAH24.47bn, causing broader banking sector liquidity to rise UAH0.54bn to UAH26.31bn while total debt repayments scheduled for the next 30 days remained steady at UAH1.83bn.
KyivPrime interest rates again diverged yesterday: the KyivPrime ON interest rate rose 128bp to 4.38% while the KyivPrime 1M interest rate declined 40bp to 25.00%.
Investment implications: Yesterday's slight increase was the result of UAH0.13bn in NBU repos as the MoF paid small debt interest repayments having little if any impact on liquidity. At the same time, monthly tax payments schedule over the next two day could have begun yesterday, which, without NBU support, could cause short-term interest rates to rise and liquidity to decline.