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Research 

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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

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Situational increase in demand

Yesterday, the Ministry of Finance raised more than UAH9bn for the state budget, which was approxima...

11 June 2025
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MoF issues new three-year bonds

The MoF offered both military and regular bonds, seemingly not in a hurry to borrow more funds. Ther...

4 June 2025
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MoF issues new reserve bonds

The Ministry of Finance has reintroduced reserve bonds in the primary bond auctions, resulting in a...

28 May 2025
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Weekly Reviews

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Key rate kept unchanged

The NBU has left its key policy rate unchanged at 15.5%, while highlighting upside risks to inflatio...

9 June 2025
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Ukraine in default on VRIs

Ukraine missed the scheduled payment on VRIs and is no longer under time pressure to negotiate the r...

2 June 2025
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MoF extends offering of UAH bonds

The Ministry of Finance updated the schedule of its bond auctions last Friday and added a four-year...

26 May 2025
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Macroeconomics

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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
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2025: Year of Challenges and Great Hopes

The year 2025 will be one of great expectations along with hope for a sustained ceasefire agreement...

13 December 2024
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Macro risks edge up on large fiscal needs

Macroeconomic risks have increased in the past months, but even so, they remain fully manageable. Th...

20 August 2024
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