ICU - Bond Market Insight -- UAH bond rates decline further

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ICU

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 paper by 60bp and three-year notes by only 20bp.

10/04/2024 4 EN

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Analysts

Taras Kotovych

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Bond Market Insight -- UAH bond rates decline further

Weekly Insight -- NBU continues rate-cutting cycle

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

Macro Update -- Macro Risks Remain Manageable

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