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Concorde Capital Research: MinFin of Ukraine raises UAH 1.9 bln from local bonds, lowers interest rates

September 04, 2019 | Cbonds

Ukraine’s Finance Ministry raised UAH 1.9 bln at its weekly bond auction on Sept. 1 after raising UAH 1.8 bln at the auction last week. MinFin offered 3M, 1Y and 3Y bonds. Interest rates declined for all placed bonds.

Around 60% of auction receipts – UAH 1.2 bln – came from the sale 3Y bonds, which were sold to 21 out of 34 bidders at 16.0% (vs. 16.12% for the same bond two weeks ago). The 1Y bonds were sold to 11 out of 18 bidders for UAH 363 mln at 15.95% (vs. 16.0% for the same bond a week ago). On top of that, MinFin satisfied all ten bids for 3M bonds for UAH 316 mln with a weighted average interest rate of 16.24% (vs. 16.49% two weeks ago).

Evgeniya Akhtyrko: The interest rates for local Eurobonds continue to decline, while government needs in attracting new debt are moderate. A revision of the key policy by the National Bank of Ukraine is scheduled for Sept. 5. Overall, the market is ready for a rate cut of 0.5-1.0pp from the current 17%.

Next week, we are likely to see a rise in receipts from the placement of local bonds, as MinFin plans to offer 18M and 24M USD-denominated bonds in addition to 6M, 1Y and 2Y UAH-denominated bonds. The downward trend in interest rates is likely to continue.

Issue: Ukraine, 204572 UAH 03aug2022

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine08/03/20223,695,968,000 UAH-/-/-

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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