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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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Focus remains on FX-denominated bonds

The Ministry of Finance planned four placements of USD-denominated bills after taking a small break...

20 August 2025
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Investors focus on FX bonds and longer maturities

Yesterday, the MoF borrowed over UAH18bn, mostly from USD-denominated paper and a four-year note.The...

6 August 2025
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Investors switch focus to FX bonds

Yesterday, the focus of the auction participants shifted to FX-denominated bills, which brought the...

30 July 2025
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Weekly Reviews

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C/A deficit record high in July

Monthly current account (C/A) deficit exceeded US$4.1bn in July, the level seen first time ever. ...

1 September 2025
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UAH proceeds exceed borrowings in FX

Interest in hryvnia-denominated bonds has increased again, their proceeds outweighing those from FX-...

27 August 2025
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NBU strengthens hryvnia further

The NBU strengthened the hryvnia again last week, while decreasing its FX interventions on the back...

25 August 2025
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Macroeconomics

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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
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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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