Subscribe to our newsletter
Be the first to receive our weekly market and bond reviews as well as quarterly macroeconomic reports.
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 completes 2025 borrowings
Yesterday, the MoF held the final primary auction scheduled for 2025, and borrowed UAH12.7bn. The bu...
24 December 2025
Interest mainly in longer maturities
Yesterday, the Ministry of Finance raised UAH4.6bn for the budget only from UAH bonds and without ch...
17 December 2025
Moderate borrowings; no surprises
The MoF offered both UAH and FX-denominated bonds yesterday and borrowed almost UAH14bn, mostly in l...
10 December 2025
Weekly Reviews
NBU hikes interventions
The National Bank of Ukraine hiked its FX interventions to nearly the maximum level this year and ke...
22 December 2025
NBU keeps key rate unchanged at 15.5%
The regulator will maintain this rate at least until the January 29 meeting, citing uncertainty over...
15 December 2025
Parliament approves 2026 state budget
The Ukrainian parliament approved the 2026 state budget last week. The deficit is planned at UAH1.9t...
8 December 2025
Macroeconomics
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
A Race to Secure More Budget Funding for 2026
Economic growth to remain slow as the economy will struggle to increase the stock of available resou...
16 July 2025
Larger Financial Aid Buys More Time for Economy to Adjust
Ukraine’s economy has been in a sluggish recovery mode since 3Q24, and chances for a significant nea...
17 April 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
Bonds
15 June 2022