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Concorde Capital Research: Ukraine raises USD 72 mln from local bonds

March 18, 2020 | Cbonds

Ukraine’s Finance Ministry raised USD 71.6 mln (UAH 1.9 bln in the equivalent) at its weekly bond auction on Mar. 17 after cancelling the auction last week due to the growing uncertainty at the market. The auction receipts came from the placement of 10M USD-denominated bonds.

The government satisfied 13 out of 16 bids at 3.5%. To compare, MinFin placed on Feb. 11 14M USD-denominated bonds at 3.39%.

Evgeniya Akhtyrko: We were right in our prediction that the government will resort to placing local Eurobonds. The pricing of UAH-denominated local bonds is problematic given the fast depreciation of the national currency and the overall turmoil at the financial market related to the coronavirus pandemic.

Interest rates for the placed local Eurobonds didn’t surge at this auction. However, nothing will be able to suppress the growing appetite of local Eurobonds buyers in the nearest future, as the government has no other sources for financing the budget deficit at the moment.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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