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Concorde Capital Research: MinFin local bond auction receipts drop to UAH 2.3 bln

February 05, 2020 | Cbonds

Ukraine’s Finance Ministry raised UAH 2.3 bln at its weekly bond auction on Feb. 5 after drawing UAH 6.3 bln at the auction last week. The auction receipts came from the placement of 6M, 16M, and 3Y bonds.

Around a half of auction receipts – UAH 1.1 bln – came from the placement of 16M bonds, which were sold to nine out of 12 bidders with a weighted average interest rate of 9.77%

The second-highest receipts – UAH 944 mln – came from the sale of 3Y bonds to 25 out of 26 bidders with a weighted average interest rate of 9.84%. In addition, MinFin satisfied four out of seven bids for the purchase of 6M bonds for UAH 271 mln with a weighted average interest rate of 9.60% (vs. 10.03% for the same bonds two weeks ago).

Evgeniya Akhtyrko: Auction receipts plunged from the impressive results of the other three auctions in January. The relatively weak receipts from 3Y bonds indicate that nonresident investors are participating less.

We should wait for the results of two more auctions in order to conclude whether the interest of non-resident investors in Ukraine’s local bond market is truly fading.

At the auction next week, MinFin will offer 3M, 1Y, 2Y and 4Y bonds. Interest rates for 3M bonds are likely to drop below 10% (vs. 10.15% last week).

Issue: Ukraine, 207682 UAH 15feb2023

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine02/15/2023935,133,000 UAH-/-/-

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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