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Concorde Capital Research: Ukraine raises UAH 8.2 bln from local bond auction

April 10, 2019 | Cbonds

Ukraine’s Finance Ministry raised UAH 7.7 bln, USD 13.5 mln and EUR 2.6 mln (a total of UAH 8.2 bln in the equivalent) at its weekly bond auction on Apr. 9 after raising UAH 10.1 bln (in the equivalent) at the auction last week. The government placed four types of UAH-denominated bonds with terms of maturity ranging from four months to two years, 12M and 16M USD-denominated bonds, as well as 8M EUR-denominated bonds.

Around half of all UAH receipts – UAH 4.3 bln – came from the sale of the 4M bond to 37 out of 38 bidders at 19.5%. The second highest demand was for 2Y bonds, which were sold to eight out of nine bidders for UAH 1.9 bln at 18.0%. In addition, nine bidders bought 1Y bonds for UAH 0.9 bln with a weighted average interest rate of 18.48%, and 16 bidders purchased 6M bonds for UAH 0.6 bln with a weighted average interest rate of 18.99%.

The government satisfied all bids for bonds denominated in foreign currency. Eight bidders bought 1Y USD-denominated bonds for USD 9.4 mln and 14 bidders acquired 16M bonds for USD 4.1 mln, both at 7.25%. EUR-denominated bonds were sold to ten bidders at 4.6%.

Evgeniya Akhtyrko: Like at the previous auction, the participants were more interested in bonds with lower terms of maturity. The interest for 2Y UAH-denominated bonds has not been lost, but it looks like buyers are preferring to abstain from accumulating too many bonds with longer maturity, as the uncertainty related to the presidential elections is rising.

The demand for local bonds denominated in foreign currency was relatively low. And this is a negative development given the government's high need for foreign currency related to the redemption of local Eurobonds in April (USD 613 mln and EUR 70 mln).

Company: Ukraine

Full company nameUkraine
Country of riskUkraine


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