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The Finance Ministry of Ukraine to auction 5-year domestic government bonds on January 18, 2005

January 17, 2005 | Cbonds

The Finance Ministry of Ukraine plans to auction domestic government bonds on January 18, 2005. The bonds will have a 5-year tenor (1806 days), according to the information on the ministry’s official website.

On January 5, the ministry held the first government bond auctions in 2005. It placed 2-year (727 days) bonds worth 4000.00 mln hryvnias at par, 3-year (1091 days) bonds worth 39.50 mln hryvnias and 5-year (1819 days) bonds worth 105.00 mln hryvnias. Weighted average yield amounted to 11.23% p.a., 11.68% p.a., and 11.94% p.a. respectively. The total amount of bonds placed at par equaled 544.50 mln hryvnias. 543.12 mln hryvnias went to the budget.

Galina Pakhachuk, head of the government debt management department at the Finance Ministry, said after the first auctions the raised amount is sufficient to cover the temporary gaps between the state budget income and expenditures, and the ministry had no intentions to place new domestic government bond issues until February. The ministry did say anything as to why the need in additional financing had emerged.

The state budget law allows the government to borrow 4.0 bln hryvnias domestically and 8.4 bln hryvnias (around USD1.6 bln) on the international market.

At the same time the country has to pay off domestic debt worth 3.1 bln hryvnias and external debt worth 9.4 bln hryvnias (around USD1.7 bln).

Based on Reuters data

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