Gesamtzahl der Seitenaufrufe
Freitag, 20. März 2015
The MoF’s debt repayments on Wednesday had no impact on other liquidity indicators due to the following reasons: most local currency repayments were for non-market bonds issued for state banks, Naftogaz’s share capital increase, or specifically last year for the NBU. These bonds are mostly in the NBU’s portfolio and were not seen by the market. Interest repayments on other local currency bonds
Liquidity down slightly
Broader banking sector liquidity fell UAH1.50bn to UAH63.38bn yesterday
after setting this month’s record high on Wednesday. Banks’ correspondent
accounts with the NBU rose just UAH0.09bn while total CDs outstanding slid
UAH0.13bn to UAH21.84bn. Total local currency debt repayments scheduled
for the next 30 days declined UAH1.46bn to UAH10.19bn.
KyivPrime interest rates slightly diverged: the KyivPrime ON interest rate was
down 68bp to 22.32% while the KyivPrime 1M interest rate rose 10bp to
27.30%.
Investment implications: The MoF’s debt repayments on Wednesday
had no impact on other liquidity indicators due to the following
reasons: most local currency repayments were for non-market bonds
issued for state banks, Naftogaz’s share capital increase, or specifically
last year for the NBU. These bonds are mostly in the NBU’s portfolio
and were not seen by the market. Interest repayments on other local
currency bonds were less significant but most likely were partially
received by the NBU, the largest bondholder. A small portion of these
funds could be spent on the FX market. As the NBU issued UAH0.50bn
of 13-day loans to six banks on Wednesday, this inflow could be seen
in today’s indicators or be used toward the UAH0.40bn in other loan
repayments to the NBU scheduled today.
Taras Kotovych, Kiev, +38044 2200120 ext.724
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