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ICU
Research Team

Bond Market Insight -- Borrowings decline

Yesterday, the MoF accepted all demand, but the amount of funds raised was low. However, rates decreased for some issues.

ICU
Research Team

Weekly Insight -- Governor of NBU resigns

Yakiv Smoliy resigned naming political pressure on him and top management of the NBU.

ICU
Research Team

Bond Market Insight -- Rates no longer declining

The end of the 1H20 brought a sharp fall in banking-sector liquidity caused low activity at yesterday's primary auction with a little movement in interest rates.

ICU
Research Team

Weekly Insight -- Economic activity slowly recovering

Based on data published last week by UkrStat, we estimate the decline in GDP to slow to 10% YoY in May from 13% YoY in April. Due to the gradual lifting of quarantine restrictions, retail trade has largely resumed, and industry performance has improved slightly. At the same time, passenger transport remained almost completely paralyzed, significantly holding back a larger rebound.

ICU
Research Team

Bond Market Insight -- Demand doubles; borrowings increase

Investors and the Ministry of Finance were able to find common ground, which resulted in increased budget financing at a quite low cost. Interest rates for bills up to one year maturity fell below 10%. We expect to see single digits for longer bills very soon.

ICU
Mykhailo Demkiv

Banking Sector Insight: About to take off

​The Ukrainian banking system is bouncing back from the bottom of the financial crisis which was reached in 1H15. Increased solvency and the abundant level of liquidity at most banks paves the way for a credit revival.  Financial stabilisation is now on firmer ground. The Ukrainian banking system is showing strong signs of recovering: total deposits rose by 2.2%, net of FX effect, during the period January-May 2016 while UAH liquidity remains abundant with an excess of approximately UAH70bn. This has allowed the National Bank of Ukraine (NBU) to relax FX controls (in June) and lower the key r...

ICU
Research Team

Bond Market Insight -- Borrowings decline

Yesterday, the MoF accepted all demand, but the amount of funds raised was low. However, rates decreased for some issues.

ICU
Research Team

Weekly Insight -- Governor of NBU resigns

Yakiv Smoliy resigned naming political pressure on him and top management of the NBU.

ICU
Research Team

Bond Market Insight -- Rates no longer declining

The end of the 1H20 brought a sharp fall in banking-sector liquidity caused low activity at yesterday's primary auction with a little movement in interest rates.

ICU
Research Team

Weekly Insight -- Economic activity slowly recovering

Based on data published last week by UkrStat, we estimate the decline in GDP to slow to 10% YoY in May from 13% YoY in April. Due to the gradual lifting of quarantine restrictions, retail trade has largely resumed, and industry performance has improved slightly. At the same time, passenger transport remained almost completely paralyzed, significantly holding back a larger rebound.

ICU
Research Team

Bond Market Insight -- Demand doubles; borrowings increase

Investors and the Ministry of Finance were able to find common ground, which resulted in increased budget financing at a quite low cost. Interest rates for bills up to one year maturity fell below 10%. We expect to see single digits for longer bills very soon.

ICU
Research Team ...
  • Taras Kotovych

Weekly Insight -- Hryvnia set new appreciation records

Last week, the hryvnia appreciated to UAH25.68/US$, a new record for 2019 and 2018. This week, we should continue to see appreciation due to FX inflows from foreign investors in local-currency debt, and a low level of NBU participation in the market.

ICU
Research Team ...
  • Taras Kotovych

Bond Market Insight -- Hryvnia borrowings increase

In July's first auction, demand for local-currency bills exceeded UAH10bn, and the amount of borrowings exceeded UAH8bn. These amounts were greater than at any auction during the previous two months. Yesterday's demand was spread across all instruments, while interest rates in the bids allowed a decrease in the cost of borrowings.

ICU
Research Team ...
  • Taras Kotovych

Bond Market Insight -- Demand influences rates

Yesterday, as expected, demand was concentrated in the six-year notes, allowing the MoF to finance the budget with about UAH7.5bn, including UAH6.7bn from local-currency instruments. Most likely, much of this demand was from foreign investors.

ICU
Research Team ...
  • Taras Kotovych

Weekly Insight -- Real GDP rises 2.5% YoY in 1Q19

The State Statistics Service of Ukraine revised upward its estimate of real GDP growth to 2.5% YoY, up from its previous estimate of 2.2% YoY growth. In SA QoQ terms, the economy grew 0.3%.

ICU
Research Team ...
  • Taras Kotovych

Bond Market Insight -- More borrowings in FX

Borrowing in the domestic bonds market still relies on demand from foreign investors, which, in turn, depends on which instruments are offered. This week, demand once again favoured FX-denominated bills, which allowed the MoF to refinance part of today's debt repayments.

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