Ukraine MinFin raises UAH 10 bln from 3M local bonds

Ukraine’s Finance Ministry raised UAH 10.0 bln at its
weekly bond auction on May 5 after raising UAH 9.8 bln (in
the equivalent) at the auction last week. All auction receipts came from the
placement of 3M bonds.

MinFin satisfied 12 out of 14 bids with a weighted
average interest rate of 11.26% (vs. 11.24% for the same bonds a week ago). The
bids ranged from 10.0% to 11.0%, while MinFin’s cutoff rate was 11.3%.

Evgeniya Akhtyrko: As we expected, MinFin limited its offer to short-term bonds, as those
with longer maturities are not likely to find buyers given the current high
risks in the economy. MinFin plans to offer 3M and 6M bonds at the auction next
week. We don’t expect any significant changes, neither in the activity of
auction participants nor in the volume of auction receipts.