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Concorde Capital Research: Ukraine raises UAH 5.3 bln from local bonds

December 26, 2019
Ukraine’s Finance Ministry raised USD 0.2 bln and UAH 0.5 bln (UAH 5.3 bln in the equivalent) at its weekly bond auction on Dec. 24 after drawing the equivalent of UAH 11.4 at the auction last week. The auction receipts came from the placement of 10M and 3Y USD-denominated bonds, as well as 6M and 2.5Y UAH-denominated bonds.

The highest auction receipts – USD 105 mln – came from the sale of 10M USD-denominated bonds to five out of 17 bidders with a weighted average interest rate of 3.40%. In addition, MinFin satisfied 11 out of 18 bids for 2Y bonds for USD 100 mln with a weighted average interest rate of 3.86% (vs. 4.08% for the same bonds three weeks ago).

MinFin satisfied five out of nine bids for the purchase of 6M UAH-denominated bonds for UAH 511 mln with a weighted average interest rate of 11.75%. In addition, two out of seven bidders were successful in buying 3Y bonds for UAH 11 mln at 11% (vs. 11.1% last week).

Evgeniya Akhtyrko: Apparently, the last auction of 2019 occurred with minimal or no participation of non-resident investors, who have been the most active buyers of UAH-denominated bonds with terms of maturity exceeding three years in recent months. Therefore, the results of the latest auction offer insight into the capacity and preference of market participants in the absence of foreign investors.

Meanwhile, the plunge in interest rates for local Eurobonds – amid a relatively high volume of purchases – implies that Ukrainian bidders (mostly commercial banks) have excessive liquidity in foreign currency, just as their demand for UAH-denominated bonds (especially for the long-term ones) is relatively low. This means that the government might face difficulty in raising local debt when the demand of foreign investors for UAH-denominated bonds is depleted.
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