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Primary OVGZ-auction announcement

December 18, 2012

Taras Kotovych, Fixed-income analyst, Investment Capital Ukraine:

The MoF, having fulfilled all of its budget financing needs, will likely have a small window to borrow more funds and announced a primary auction today to offer 2-year USD-denominated bond. The bond offered at today's primary auction was sold once a month ago at a total volume of US$74.09m when the MoF successfully decreased the bond’s offered interest rate to a coupon rate of 8.32%, or 98bp lower than the usual interest rate for comparable bonds issued this year. For details of today's auction, please see in the table on the next page.
Investment implications: This bond should collect some bids from the market and provide the MoF with some funds for covering debt repayments scheduled for next year, as this year the MoF has no additional schedule debt repayments in US dollars. At the same time, we will likely not see friendly demand at this auction because of the low volume of possible borrowings currently needed for the remainder of 2012.

  • Status
  • Country of risk
  • Redemption (put/call option)
    *** (***)
  • Amount
  • М/S&P/F
    — / — / —