May 19 primary auction results. The Ministry of Finance satisfied all bids at the auction, as none required a yield revision.
14-month military bills received 28 bids, but only for UAH0.3bn. The bid yields were in the usual narrow range of 15.1ꟷ15.15%, so the Ministry of Finance satisfied all of them without changing the cut-off and weighted-average rates.
The bid quantity for the two-year security doubled from the offer two weeks ago. Still, the volume of demand increased dramatically - from less than UAH0.2bn in early May to almost UAH1.9bn on May 19. In addition, the bid yields ranged from 15.8% to 15.87%, so no bid required an increase in the cut-off rate. Therefore, the ministry fully satisfied all of them.
The increase in demand for two-year instruments could have been supported by the UAH bond redemptions last week and on May 20, as some investors could reinvest funds into such maturity.
