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Concorde Capital Research: Ukraine raises UAH 13 bln from local bonds, rates drop below 16%

September 25, 2019 | Cbonds

Ukraine’s Finance Ministry raised UAH 13.2 bln at its weekly bond auction on Sept. 24 after raising UAH 2.8 bln at the auction last week. MinFin offered 5M, 11M, 28M and 5.5Y UAH-denominated bonds. The interest rates for the placed bonds declined 25-55 bps. The lion’s share of auction receipts – UAH 12.9 bln – came from the sale of 5.5Y bonds to 55 out of 77 bidders with a weighted average interest rate of 14.75% (vs. 15.30% for the same bond a month ago).

Nine out of 12 bidders were successful in buying 28M bonds for UAH 229 mln with a weighted average interest rate of 15.50% (vs. 15.77% for the same bond two weeks ago). In addition, MinFin satisfied four out of five bids for 5M bonds for UAH 55 mln with a weighted average interest rate of 15.89% (vs. 16.14% for the same bond two weeks ago). The smallest auction receipts – UAH 43 mln – came from the sale of 11M bonds to three out of four bidders at 15.09% (vs. 15.49% for the same bonds two weeks ago).

MinFin doesn’t plan any placement of local Eurobonds through the year end, according to the schedule of bond auctions published on its website. Meanwhile, the government is scheduled to redeem local Eurobonds for USD 621 mln and EUR 471 mln in 4Q19.

Evgeniya Akhtyrko: The demand for bonds with the longest maturity surged this week, enabling MinFin to lower their interest rate below 15%. The overall trend on the primary local bond market remains the same: the highest receipts come from bonds with the longest maturity, while interest rates continue to decline across the board.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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