Finance Ministry selects primary dealers of local sovereign bonds

Yesterday the Finance Ministry selected five primary dealers of local sovereign bonds: ING Bank Ukraine, Oshchadbank, Ukrsibbank, Raiffeisen Bank Aval and Ukrgazbank. The primary dealers are obligated to supply bids and offers, and must purchase no less than 3% of all sovereign bond issues. The state budget envisages the sale of UAH 26 bln in local sovereign bonds this year; to date the Finance Ministry has placed UAH 10.25 bln.