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Concorde Capital Research: Ukraine raises UAH 6 bln from local bonds, interest rates drop below 11%

January 15, 2020 | Cbonds

Ukraine’s Finance Ministry raised UAH 6.0 bln at its weekly bond auction on Jan.14 after drawing the equivalent of UAH 5.3 bln at the previous auction on Dec. 24. The auction receipts came from the placement of 3M, 15M, 2Y and 4Y bonds.

More than half of auction receipts – UAH 3.2 bln – came from the sale of 4Y bonds to 31 out of 66 bidders with a weighted average interest rate of 9.88% (vs. 11.67% for the same bonds on Dec. 10). The sale of 2Y bonds to 18 out of 38 bidders brought UAH 1.7 bln with weighted average interest of 10.04%.

In addition, MinFin satisfied 14 out of 40 bids for the purchase of 14M bonds for UAH 570 mln with a weighted average interest rate of 10.18%. On top of that, nine out of 23 bidders were successful in buying 3M bonds for UAH 523 mln with a weighted average interest rate of 10.73%.

Evgeniya Akhtyrko: The high demand for UAH-denominated local bonds, especially for long-term ones, implies that non-resident investors are happily returning to the Ukrainian market after the holiday recess. Interest rates have dropped significantly since the latest auctions in December, but they still yield solid real returns amid cooling consumer inflation and appreciating hryvnia.

We expect the activity of non-resident investors at Ukraine’s primary bond actions will remain high, at least through the end of January. The National Bank of Ukraine is likely to lower its key policy rate significantly from current 13.5% on Jan. 30, and this should prompt a further cut in interest rates.

Issue: Ukraine, 206460 UAH 22nov2023 Benchmark

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine11/22/202310,000,000,000 UAH-/-/-

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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