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Concorde Capital Research: Ukraine raises UAH 3.5 bln from local bond sale

March 13, 2019 | Cbonds

Ukraine’s Finance Ministry raised UAH 3.2 bln, USD 4.2 mln and EUR 5.4 mln (a total of UAH 3.5 bln in the equivalent) at its weekly bond auction on March 12 after raising UAH 5.5 bln and USD 7.9 mln (a total of UAH 5.7 bln in the equivalent) at the auction last week. The government placed five types of UAH-denominated bonds with terms of maturity ranging from four months to two years, 2Y USD-denominated bonds and 9M EUR-denominated bonds.

Half of the UAH auction receipts – UAH 1.6 bln – came form the sale of 2Y bonds to nine bidders at 18.0%. Thirteen bidders bought 4M bonds for UAH 1.3 bln at 19.5%. In addition, the government satisfied four bids for 1Y bonds for UAH 238 mln at 18.5%, seven bids for 4M bonds for UAH 33 mln and eight bids for 6M bonds for 54 mln with the same interest rate of 19.0%. The government left unsatisfied two bids for 9M bonds, apparently finding the asked interest rate of 19.0% too high.

The government satisfied all 20 bids for USD-denominated bonds at 7.5% and four bids for EUR-denominated bonds at 4.6%.

Evgeniya Akhtyrko: The demand for UAH-denominated bonds declined from the previous week. However, the bidders revealed they are most interested in bonds with the highest term of maturity. This is likely to indicate that market participants expect the central bank to lower its key policy rate at the monetary policy committee's meeting on March 14, and MinFin will lower interest rates on the primary bond market afterwards.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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