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Concorde Capital Research: Ukraine local bond auction raises UAH 1 bln for state budget

May 10, 2018 | Cbonds

Ukraine’s Finance Ministry sold 3M, 6M, 9M, 1Y, and 3Y UAH-denominated bonds for a total amount of UAH 998 mln at an auction held on May 8. The interest rate for 3M bonds, which brought in 44% of auction receipts, inched up to 17.40% from 17.36% three weeks ago. Nine auction participants bought 3Y bonds at a total amount of UAH 243 mln at 16.15%, the same as at previous placement on Apr. 10.

Demand for the rest of the bonds offered at the auction was weak. Five participants bought 9M bonds for UAH 163 mln at 17.22% (vs. 17.30% at the previous placement on March 27). One-year bonds, which raised UAH 101 mln, were placed at 17.00% (vs. 16.99% on Apr. 24). The interest for 6M bonds (17.20%), which brought in only 5% of auction receipts (UAH 49 mln), was the same as at the last auction on Apr. 24.

Evgeniya Akhtyrko: The auction receipts were close to the amount raised by UAH-denominated bonds placed at the previous auction on Apr. 24 (UAH 1.1 bln). The steady interest rates are likely to indicate that this amount is satisfactory for covering current government needs in budget financing. Meanwhile, continuing demand for long-term bonds points to an increased share of market participants who are ready to invest in UAH-denominated instruments. This is a sign of increased stability on Ukraine’s financial market.

Issue: Ukraine, 200943 UAH 08aug2018

StatusCountry of riskRedemption (offer)VolumeIssue Rating (M/S&P/F)
redeemedUkraine08/08/2018547,158,000 UAH -/-/-

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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