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
Investor enthusiasm for USD-denominated bills
Yesterday's UAH bonds offer was without surprises. Demand was low, but no bids required a change in...
30 April 2025
MoF satisfies all bidders
At yesterday's primary auction, the MoF accepted all bids.Demand for 14-month military bills sharply...
23 April 2025
Successful exchange of reserve bonds
Yesterday, the MoF held a second bond exchange auction. The Ministry received enough bids to sell th...
17 April 2025
Weekly Reviews
C/A improves on budgetary grants in March
In March, Ukraine’s current deficit narrowed to US$0.9bn as the inflow of foreign budgetary grants r...
5 May 2025
Investors reject MoF's offer on VRI
Last week, the MoF announced the results of its debut attempt to agree the terms of VRI restructurin...
28 April 2025
NBU holds key rate unchanged at 15.5%
The regulator has paused its tightening cycle and now forecasts a rate cut in September. ...
21 April 2025
Macroeconomics
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
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
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
Video
Media publications
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
Investments
13 December 2021