ICU - Bond Market Insight -- Rates continue to decline

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ICU

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Taras Kotovych

Bond Market Insight -- Rates continue to decline

This week, the Ministry of Finance extended the list of bills with limited offerings, supporting a further decline in cut-off rates, and lowering the cost of borrowing. Due to these limits, cut-off rates for most of offered bills were reduced by 20-34bp. Total demand amounted to UAH9bn (US$0.35bn), which was UAH1.6bn (US$0.06bn) less than a week ago. The amount of proceeds this week slid UAH2bn (US$0.08bn) to UAH6bn (US$0.23bn).

10/07/2019 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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Analysts

Research Team

Taras Kotovych

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Taras Kotovych

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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...

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Bond Market Insight -- Rates continue to decline

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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