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Concorde Capital Research: MinFin of Ukraine refuses to increase interest rates on local bonds at weekly auction

May 30, 2018 | Cbonds

The Ukrainian Finance Ministry sold EUR-denominated local Eurobonds maturing in 18 months for EUR 64.6 mln at its weekly bond auction held on May 29. MinFin also placed 6M and 5Y UAH-denominated bonds for UAH 31.6 mln and UAH 30.0 mln respectively, bringing total auction receipts to UAH 2.0 bln (in equivalent).

The government did not satisfy one bid for 9M, two bids for 1Y and two bids for 2Y UAH-denominated bonds as bidders wanted interest rates higher than in previous auctions. Two out of four bids for 6M bonds were accepted with a weighted average interest rate of 17.23% (vs. 17.20% on May 20). Meanwhile, 5Y bonds were sold to two auction participants at 16.00% (vs. 15.97% on April 24), while one bid at 16.40% was left unsatisfied.

The interest rate for EUR-denominated bonds inched up to 4.07% from 4.00% during the last placement a month ago.

Evgeniya Akhtyrko: Like last week, MinFin auctioned FCY-denominated bonds although they were not in the initial schedule for 2Q18. This should help to compensate an expected plunge in gross reserves during the month.

So far, the bidders who tried to hike interest rates didn’t succeed. This means that the government is not that hungry for hryvnia resources to cover the budget deficit at the moment.

Issue: Ukraine, 200950 UAH 07nov2018

StatusCountry of riskRedemption (offer)VolumeEmission Rating (M/S&P/F)
outstandingUkraine11/07/20185,593,468,000 UAH -/-/-

Company: Ukraine

Full company nameUkraine
Country of riskUkraine


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