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Concorde Capital Research: MinFin of Ukraine raises UAH 1.8 bln from local bonds, lowers interest rates

August 28, 2019 | Cbonds

Ukraine’s Finance Ministry raised UAH 1.8 bln at its weekly bond auction on Aug. 27 after raising UAH 1.0 bln at the auction last week. MinFin offered 6M, 1Y, 2Y and 5.5Y bonds. Interest rates declined for all placed bonds.

Around three-quarters of auction receipts – UAH 1.4 bln – came from the sale of bonds expiring in February 2025, which were sold to 15 out of 25 bidders with a weighted average interest rate of 15.30% (vs. 15.45% for the same bond a month ago). The 6M bonds were sold to seven out of eight bidders for UAH 289 mln with a weighted average interest rate of 16.30% (vs. 16.47% for the same bond two weeks ago).

In addition, three out of five bidders were successful in buying 1Y bonds for UAH 67 mln at 16.0% (vs. 16.04% last week). On top of that, MinFin satisfied all eight bids for 2Y bonds for UAH 28 mln with a weighted average interest rate of 16.29% (vs. 16.43% two weeks ago).

Evgeniya Akhtyrko: Our forecast on the volume of this week's placement has proven accurate. As the interest rates for bonds continue to decline, the government's current weekly needs are not likely to exceed UAH 1-2 bln.

Receipts from local bond placements will rise next month. Once the summer lull is over, the activity of market participants should increase alongside government needs in financing the budget deficit.

Issue: Ukraine, 204150 UAH 26feb2025 Benchmark

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine02/26/202521,587,478,000 UAH-/-/-

Company: Ukraine

Full company nameUkraine
Country of riskUkraine


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