The last three working days the Ministry of Finance has behaved extremely active in the domestic debt market. So, 9, 10 and 13 December the Ministry of Finance shall hold an extraordinary auction on placing bonds of domestic treasury bonds (T-bills). The ministry did not advertise the fact or auction, nor their results (data at the site office there were only 14 of December, after the information was published in the media), says Case.
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Bank treasurers can not remember a case where the ministry for three consecutive days will be given priority enter the market. The more bizarre the result looks a three-day epic - nil sold T-bills.
Market participants are surprised by this result. "It was not quite the market place. Commercial banks have received notice of the auction for several hours. It is obvious that these were technical auctions and the Treasury expects to raise funds from state banks or the Deposit Guarantee Fund. Why no location is held, it is difficult to say, - says head of operations in the stock market, OTP Bank, Oleg Serdyuk.
In informal comments, bankers point out that the most likely state-owned banks and the Treasury simply could not agree. "The Ministry of Finance has received distribution list from the government to urgently raise funds, and then informed of the date of the auction and the required amount" Oschadu "and" Ukreksimu "and went on the market. But state-owned banks are actively lending to state programs, and they could simply not have funds to buy government bonds. Although it is possible that there are some technical ambiguities or political squabbles "- believes the ex-employee Oschadbanka.
Head of Economic Research, Erste Bank Marian Zablocki believes that the government urgently needed funds to increase the authorized capital of the State Mortgage Institution (SMI) for 2 bln.
We remind the Cabinet of Ministers on November 11 adopted a resolution № 912, according to which the charter capital by the end of the SMI in 2010 was to be increased by 2 billion UAH. To carry out this decision the Government instructed the Ministry of Finance to issue government bonds to 2 bln.
However, in November the demand for government bonds from banks was minimal, and no significant increase in yield Government Bonds Treasury was unable to raise funds in the budget. Over the last three scheduled auction, which took place from 16 November to 7 December, the Treasury could not sell any securities.
The money will
Most market participants agree that despite the setback with the placement of government bonds, the SMI will be left without money and get the promised 2 billion UAH. Oleg Serdyuk believes that it can be used in a scenario in which increased the authorized capital of Naftogaz (MOF directly "flooded" Government Bonds in authorized capital of Naftogaz, and already the National Bank under these papers gave cash).
Not preclude market participants and the option, when state-owned banks still participate in the auction and buy the necessary amount of government bonds. In support of this scenario is the fact that yesterday the Treasury announced an extraordinary auction, which was held yesterday. At the time of the delivery room to print the results of both scheduled and unscheduled auctions have not yet been made public.