11 August 2010
First Deputy Finance Minister Vadim Kopylov said yesterday at a press conference that he expected the volume of the second tranche of special UAH sovereign bonds to cover VAT arrears to corporate exporters could exceed UAH 10 bln (USD 1.3 bln) and could be issued by the end of this week. The first tranche, UAH 48.5 mln, was issued on August 2. Deputy Prime Minister Sergiy Tigipko said in mid-July the volume of the bond issue would be UAH 16.4 bln (USD 2.1 bln) down from an earlier estimate of UAH 17.7 bln. For more details on the VAT bond issue, see our flash note of July 7.