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ICU Research: Liquidity near year's low

February 06, 2018 | Cbonds

Last Friday, liquidity declined UAH1.73bn to UAH96.26bn, or just UAH0.12bn above this year's low seen at the end of January, because of UAH0.83bn of non-monetary operation outflows, including UAH0.61bn in cash and UAH0.22bn to Treasury accounts. Also one bank repaid a UAH1.20bn ON loan and purchased a new one at UAH0.30bn.

Other banks increased CD purchases by UAH3.38bn of additional ON CDs last Friday. Total CDs outstanding rose to UAH55.01bn, while banks' correspondent accounts with the NBU fell UAH5.11bn to UAH41.24bn. The NBU purchased US$80m of FX via request of best quote, but this did not occur last Friday.

Investment implications: As expected, liquidity declined without support from the NBU and the Treasury. While NBU support via ON loans has waned, having little impact on liquidity, it is scheduled to repay UAH1.2bn in CD redemptions tomorrow but sell only UAH0.30bn of 3-month CDs. Also, a UAH3.0bn 3-month loan is scheduled for repayment on Wednesday if it was not paid earlier in January.

Company: ICU

Full company nameICU
Country of riskUkraine
IndustryFinancial institutions


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