ICU - Bond Market Insight -- Hryvnia borrowings increase

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ICU

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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.

03/07/2019 1 EN

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ICU

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Analysts

Research Team

Taras Kotovych

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Taras Kotovych

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Bond Market Insight -- Bond market waits for NBU to cut rates

Yesterday's auction received UAH9.4bn of demand, mainly for 12-month bills, but also strong demand for two- and three-year securities. Proceeds for the state budget amounted to almost UAH7.6bn. The MoF decreased interest rates for 12-month paper only.

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Taras Kotovych

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Weekly Insight -- NBU does not prevent hryvnia weakening

Last week, hryvnia continued to weaken even though NBU FX interventions were the largest since the beginning of January.The NBU sold US$695m from international reserves last week, the largest volume of interventions in more than three months (a larger amount, US$790m, was last sold in the first week of the year). We estimate the largest volume, approximately US$215m (nearly a third of the weekly volume), was sold last Friday.

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Bond Market Insight -- Hryvnia borrowings increase

Bond Market Insight -- Bond market waits for NBU to cut rates

Macro Update -- Macro Risks Remain Manageable

Weekly Insight -- NBU does not prevent hryvnia weakening

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