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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
Borrowings increase with EUR-denominated bills
The MoF borrowed over UAH14bn, including EUR202m (UAH9.4bn) from FX-denominated bills.Demand for 15-...
21 May 2025
Increased concentration in demand
The MoF borrowed UAH5.9bn yesterday, mostly from 15-month and three-year UAH bonds.The most signific...
14 May 2025
UAH bond yields unchanged
The MoF’s first auction in May started on a positive note. No one paper was oversubscribed, but the...
7 May 2025
Weekly Reviews
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
UAH bond trading becoming fragmented
Last week, demand for UAH bonds concentrated mostly in short-term bills with maturity of up to one y...
19 May 2025
NBU reserves surge 10% in April
Gross international reserves of the NBU were up 10.1% in April and 6.6% YTD to US$46.7bn, an all-tim...
12 May 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