MinFin raises USD 241.8 mln from local Eurobond sale

Ukraine’s Finance Ministry raised USD 241.8 mln from
the sale of 9M local Eurobonds at an unscheduled auction held on Oct. 18 after
raising USD 41.3 mln at its regular Oct. 16 auction.

The government satisfied five bids at 7.0 (rejecting one
bid at 7.5%), which is the same interest rate as last week’s sale of 9M paper.

Evgeniya Akhtyrko: In our
assessment, most of the auction participants made their bond purchase by
rolling over the receipts from the local Eurobond redemption for USD 501 mln on
Oct. 17.

Since the beginning of October, MinFin has
attracted USD 663 mln and EUR 30 mln from local Eurobond placements. Next week,
MinFin will offer 9M and 12M bonds denominated in euros, according to its
schedule. As we anticipated, the government is on its way to fully refinancing
its October repayments on local Eurobonds of USD 501 mln and EUR 210 mln.