ICU - Bond Market Insight -- UAH interest rates remain unchanged

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ICU

Taras Kotovych

Bond Market Insight -- UAH interest rates remain unchanged

Yesterday, the Ministry of Finance borrowed UAH7.6bn (US$198.2m) for the state budget, including UAH5.2bn (US$135.5m) in local currency. Proceeds from USD-denominated bills were US$62.7m, half compared with the previous week.

Demand at yesterday's auction concentrated on 12-month UAH bills, which amounted to almost UAH6.6bn (US$171m), while the MoF set the cap at UAH4bn (US$104m). The MoF fully satisfied all non-competitive and competitive bids with rates below the cut-off level. At the same time, most of the competitive demand was at 16.8%, so it was partially satisfied within the remaining supply and in proportion to the bid size.

06/03/2024 4 EN

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Analysts

Taras Kotovych

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Taras Kotovych

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Bond Market Insight -- Reduction of UAH bond rates resumes

The NBU's decision to cut its interest rates by 100bp caused increased competition at yesterday's primary auction and led to a decrease in bond interest rates by 55‒70bp.

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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.

April 24, 2024 April 24, 2024 4 EN

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Bond Market Insight -- UAH interest rates remain unchanged

Bond Market Insight -- Reduction of UAH bond rates resumes

Weekly Insight -- NBU continues rate-cutting cycle

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

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