ICU - Bond Market Insight -- Borrowings increase

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ICU

Research Team

Bond Market Insight -- Borrowings increase

At the last primary auction in April, the Ministry of Finance continued to borrow large amounts of funds and, continued to increase the tenor of borrowings. This week, borrowings increased to UAH13.4bn, including US$82m in FX.

25/04/2019 1 EN

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ICU

ICU IS A FINANCIAL SERVICES GROUP PROVIDING SECURITIES TRADING, INVESTMENT BANKING AND ASSET MANAGEMENT FOR PRIVATE AND INSTITUTIONAL INVESTORS.

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Research Team

Other Reports from ICU

Taras Kotovych

Taras Kotovych

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Yesterday, demand at the primary auction did not allow the Ministry of Finance to continue lowering rates or to sell planned volumes of bonds.

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Ukraine’s annual inflation slowed further to 3.2% in March from 4.3% in February, which came as a major surprise.A significant deceleration in consumer prices was largely due to a decline in food prices, which is highly unusual for this time of the year. Prices for food staples declined by 0.2% MoM implying an only marginal growth of 0.2% in YoY terms. A number of significant food basket components were significantly cheaper in YoY terms, namely eggs (-34.3% YoY), sunflower oil (-17.4%), sugar (-13.3%), fruits (-12.2%), and several other items. Price growth also remains weak (or even negative)...

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Taras Kotovych

Taras Kotovych

Bond Market Insight -- UAH bond rates decline further

The Ministry of Finance decreased interest rates for two out of three offered UAH bonds yesterday, coming closer to a decrease in three-month NBU CDs interest rates. Yesterday's auction provided the state budget with UAH7.2bn proceeds, including UAH5.4bn in local currency and EUR42.9m. UAH proceeds were lower due to a smaller cap for 12-month bills and lower demand for three-year notes. However, this did not prevent the Ministry from continuing to lower rates for some instruments. Four weeks after the NBU cut its interest rates, interest rates for 12-month bills fell by 70bp, for two-year pap...

April 10, 2024 April 10, 2024 4 EN

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Bond Market Insight -- Borrowings increase

Bond Market Insight -- Bond rate reduction on hold

Weekly Insight -- Inflation falls sharply in March

Bond Market Insight -- UAH bond rates decline further

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