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Concorde Capital Research: Ukraine to join Clearstream in 1Q19

October 02, 2018 | Cbonds

Ukraine will join the Clearstream global securities depository system in 1Q19, opening access for international investors to its domestic bond market, the National Bank of Ukraine (NBU) reported in an Oct. 1 press release. The project is being implemented by the NBU, Clearstream and Deutsche Börse group.

Using the Clearstream system, investors will be able to make payments for Ukrainian government bonds in Ukraine's national currency, which will cut transaction costs. The NBU believes that this will also raise demand for Ukrainian securities, fostering their liquidity. In turn, the Ukrainian government will benefit from access to international sources of long-term lending and lowered costs of debt resources. The project is “an important step in transforming Ukraine into a full-fledged player at the international debt markets," said NBU Governor Yakiv Smoliy, according to the press release.

Evgeniya Akhtyrko: We agree with the NBU's outlined benefits of joining the Clearstream system. Currently, non-residents hold only 1% of Ukrainian government’s local debt. Meanwhile, the ability of local market players to general debt resources for MinFin is weak. Nevertheless, easier access to the market must be accompanied by sustainable economic growth and other government actions to protect investor rights.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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