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Concorde Capital Research: Ukraine weekly bond auction receipts nearly double

April 18, 2018 | Cbonds

The Ukrainian Finance Ministry's weekly local bond auction held on Apr. 17 raised UAH 945.8 mln, nearly doubling after UAH 455.1 mln was attracted last week. The receipts broke almost evenly between 3M and 6M bonds.

The interest rate of 3M bonds (maturing on July 4) inched up to 17.36% from 17.33% two weeks ago. MinFin’s cut-off rate for 3M bonds remained at 17.44%, and only two out of 17 bids were unsatisfied. Meanwhile, the government hiked the cut-off rate for 6M bonds to 17.20% from 17.10%, while satisfying eight out of nine bids. The resulting weighted average interest hit 17.13% (vs. 17.10% a week ago). The government did not satisfy any of three bids for one-year bonds.

Evgeniya Akhtyrko: The increased activity on the primary local bond market is a good development after the sluggish results of the two previous April auctions. The government obviously needs the support of the local debt market for financing the budget deficit and has to agree to maintain high interest rates amid modest demand. Recall, Ukraine's 1Q18 state budget revenue fell 3.1% below plan.

Company: Concorde Capital

Full company nameConcorde Capital
Country of riskUkraine
IndustryFinancial institutions

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