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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 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
MoF pushes for lower yields
Yesterday's auction demonstrated the MoF's desire to reduce the cost of servicing new debt and move...
21 January 2026
Мінфін підштовхує до нижчих ставок
Учорашній аукціон продемонстрував бажання Мінфіну знизити вартість обслуговування нового боргу й рух...
21 January 2026
Retail demand for UAH bonds robust
As of today, households’ total investments in domestic government bonds reached UAH117bn (US$2.7bn)....
19 January 2026
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