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Concorde Capital Research: Ukraine raises UAH 1.6 bln from local bonds, cuts interest rates

October 31, 2019 | Cbonds

Ukraine’s Finance Ministry raised UAH 1.6 bln at its weekly bond auction on Oct. 29 after drawing UAH 3.0 bln at the auction last week. MinFin offered 3M, 1Y and 2Y UAH-denominated bonds. Almost 90% of the auction receipts – UAH 1.4 bln – came from the sale of 2Y bonds, which were purchased by 15 out of 23 bidders with a weighted average interest rate of 14.64% (vs. 15.10% for the same bonds two weeks ago).

In addition, four out of five bidders were successful in buying 1Y bonds for UAH 149 mln with a weighted average interest rate of 14.27% (vs. 14.80% for the same bonds last week).

MinFin satisfied all six bids for 3M bonds for UAH 34 mln with a weighted average interest rate at 15.35% (the same rate as two week ago).

Evgeniya Akhtyrko: We were right in our prediction about the drop in auction receipts this week. The activity of non-resident investors declined from last week as they are most interested in purchasing Ukraine’s local bonds with terms of maturity of three years and longer, which were not offered this time.

The government will offer 3M, 1Y and 4Y UAH-denominated bonds next week, and we are likely to see a rise in auction receipts as 4Y bonds will draw more non-resident investor

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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