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ICU Research
is a small but highly professional team of experts who have deep insight in diverse fields of finance — from global markets to Ukrainian macroeconomics and from the local banking sector to sovereign debt market.
Bond Market Reviews
Weekly Reviews
Macroeconomics
Bond Market Reviews
MoF in no hurry to borrow
Yesterday, the Ministry of Finance borrowed almost UAH4.1bn for the budget from three UAH-denominate...
17 June 2026
MoF returns reserve bonds
Yesterday, the Ministry of Finance raised almost UAH8.5bn for the state budget, almost 2/3 of which...
10 June 2026
Focus on longer maturities
Yesterday, the Ministry of Finance again offered 1.9-year military paper, and it received the vast m...
3 June 2026
Weekly Reviews
Inflation eases temporarily on food prices
Annual CPI eased to 8.2% in May from 8.6% in April on slower food prices. Core inflation up to 7.9%...
15 June 2026
NBU reserves decline further in May
Gross international reserves of the NBU declined 5.1% in May and 20.2% YTD to US$45.7bn. The reserve...
8 June 2026
C/A deficit all-time high in April
Ukraine’s current account (C/A) deficit reached US$4.9bn in April and US$14.4bn 4M26 (vs US$9.3bn in...
1 June 2026
Macroeconomics
Macro risks up; more foreign financial aid unlocked
The Ukrainian economy showed unparalleled resilience to massive electricity blackouts at the start o...
5 June 2026
Growth Weak but Macroeconomic Stability Safeguarded
The economy is set to slow further as headwinds remain intense. The energy crisis caused by russia’s...
6 February 2026
Reparation Loan is a Likely Game Changer for Economy
The lingering war and heightened safety risks imply Ukraine will remain critically dependent on fore...
15 October 2025
Video
Media publications
Economy
8 December 2025
Company News
3 April 2025
Economy
13 December 2024
Economy
27 February 2023
Investments
21 February 2023
Investments
20 February 2023
Venture Capital
15 December 2022
Investments
18 November 2022
Economy
6 September 2022