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Concorde Capital Research: Ukraine MinFin raises UAH 106 mln from local bond placement

December 5, 2018
Ukraine’s Finance Ministry raised UAH 60.9 mln, USD 1.5 mln, and EUR 0.1 mln at its weekly bond auction on Dec. 4. The total auction receipts reached 106.1 mln (in the equivalent), climbing from UAH 48.1 mln raised last week.

The highest auction receipts – UAH 52.3 mln – were raised from the sale of 3M bonds to 11 bidders at 19.0%. The rest of UAH-denominated auction receipts came from the sale of 6M bonds to six bidders at 18.5%.

The government accepted five bids for 1Y USD-denominated bonds for USD 0.667 mln at 7.25% while rejecting one bid at 8.25%. The rest of the USD auction receipts came from the sale of 6M bonds to three bidders for USD 0.248 mln at 6.7%, and 2Y bonds to four bidders for USD 0.569 mln at 7.5%.

MinFin also satisfied two bids for 1Y euro-denominated bonds for EUR 0.112 at 4.6% – the same rate as on Oct. 30 when this bond was also offered.

Evgeniya Akhtyrko: The increased political uncertainty related to marital law being imposed in selected regions following Russia’s attack on Ukrainian navy ships has hurt demand for local bonds. We expect the receipts at the nearest weekly local bond auctions to recover, but not by much.

Given the expected underperformance of the state budget on the revenue side, we see the government will keep expenditures restrained through the year end to ensure the budget deficit doesn't exceed 2.5% of GDP, as required by the IMF. Fortunately for the government, this means that MinFin will not need to intensify local debt issues to finance the budget deficit.
Company — Concorde Capital
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