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Concorde Capital Research: MinFin of Ukraine raises UAH 19 bln from local bonds

May 13, 2020 | Cbonds

Ukraine’s Finance Ministry raised UAH 19.4 bln at its weekly bond auction on May 12 after raising UAH 10.0 bln at the auction last week. The auction receipts came from the placement of 3M and 6M local currency bonds. Around two-thirds of auction receipts – UAH 13.1 bln – came from the sale of 3M bonds to 20 out of 21 bidders with a weighted average interest rate of 11.26% (the same rate as for 3M bonds a week ago). The bids ranged from 11.0% to 11.5%, while MinFin’s cutoff rate was 11.3%. MinFin satisfied 11 out of 14 bids for 6M bonds for UAH 6.3 bln at 11.28%. The bids ranged from 11.28% to 11.50%.

Evgeniya Akhtyrko: The increase in auction receipts is a positive development indicating a revival in the confidence of market participants. Nevertheless, the relatively high interest rates and short maturity of the placed bonds show that the risks are being assessed as high.

MinFin is planning the weekly placement of 3M and 6M bonds through the end of 2Q20. Unless large market disturbances occur, significant movements in interest rates and the activity of market participants are not likely to happen.

Issue: Ukraine, 209217 UAH 29jul2020

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine07/29/202013,377,870,000 UAH-/-/-

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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