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ICU Research: OVGZ-auction review - Slight increase in demand

July 12, 2017 | Cbonds

Yesterday, the MoF offered only three-year bonds, likely after consultations with primary dealers indicating that only this issue would attract demand. Tightening of the offering to one bond supported demand by concentrating on this maturity. But total demand was insufficient compared with last week's auction. Banks submitted only three bids amounting to UAH423m, which was an unexpectedly large due to lack of bond redemptions this week and insufficient payments of interest payments. Bids were submitted with a simple rate, 14.54%, the same as last week's cut-off and weighted-average interest rate.

Despite demand for three-year bonds that was nearly three times larger compared with the last auction, demand for the auction was up less than two times. But if we look at demand in June, the average demand was above UAH700m, and the MoF sold three-year bonds at UAH1.44bn at two auctions.

So, the results of yesterday's auction are not remarkable; the interest rate was unchanged and the proceeds were only slightly larger. This demand could have been from investors, who had accumulated additional funds for buying new bonds.

Company: ICU

Full company nameICU
Country of riskUkraine
IndustryFinancial institutions


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