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Concorde Capital Research: Ukraine raises UAH 3 bln from local bonds, cuts interest rates

October 23, 2019 | Cbonds

Ukraine’s Finance Ministry raised UAH 3.0 bln at its weekly bond auction on Oct. 22 after drawing UAH 1.1 bln at the auction last week. MinFin offered 6M, 1Y and 3Y UAH-denominated bonds.

Two-thirds of the auction’s receipts – UAH 2.0 bln – came from the sale of 3Y bonds, which were purchased by 38 out of 51 bidders with a weighted average interest rate of 15.06% (vs. 15.42% for the same bonds two weeks ago). In addition, seven out of nine bidders were successful in buying 1Y bonds for UAH 513 mln at 14.80% (vs. 14.93% for the same bonds last week).

On top of that, the MinFin satisfied all eight bids for 6M bonds for UAH 500 mln with a weighted average interest rate of 15.40% (vs. 15.65% for the same bonds two weeks ago).

Evgeniya Akhtyrko: Apparently, the offer of 3Y bonds drew non-resident investors back to Ukraine’s primary local bond market despite a significant cut in interest rates. The results of the recent auctions imply that local investors are able to allocate around UAH 1 bln a week in purchasing local bonds at the primary market.

The government is to offer 3M, 1Y and 2Y UAH-denominated bonds last next week. And we might see a drop in auction receipts again as it looks like non-resident investors, who seem to generate the most auction receipts, are hardly interested in purchasing Ukraine’s local bonds with terms of maturity less than three years.

Issue: Ukraine, 199210 UAH 12oct2022 Benchmark

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine10/12/20229,445,567,000 UAH-/-/-

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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