22 January 2014 Bonds

Bond Market Insight

Government bond auction results: Redemption refinanced but risks increase further

Despite significant support of banking sector liquidity from the NBU, which purchased UAH2.5bn of government bonds from the banks’ portfolio this Monday, providing a significant increase in banks’ cor...

ICUDebtInsight-20140122.pdf  (346.2kb)

21 January 2014 Bonds

Bond Market Insight

Sovereign debt: Challenges postponed for a while

The high yields of Ukrainian sovereign debt reflect Ukraine’s macroeconomic conditions, where the deficit issue has been swelling growing concern for years. Although this debt offers comparatively hig...

ICUDebtInsight-20140121.pdf  (898.2kb)

21 January 2014 Bonds

Bond Market Insight

Результаты аукциона по продаже ОВГЗ: выплаты рефинансированы, но риски растут

Несмотря на существенную поддержку ликвидности со стороны Национального банка, который выкупил в понедельник 2.50 млрд гривень ОВГЗ, подтолкнув остатки на корреспондентских счетах банков к существенно...

ICUDebtInsight-20140121-Rus.pdf  (451.5kb)

20 January 2014 Bonds

Bond Market Insight

Weekly review: New borrowings and conditions

Although conditions have changed little since the end of last year, the new financing from Russia has helped push Ukrainian Eurobond spreads to tighten and yields to decline. Although the domestic ...

ICUDebtInsight-20140120.pdf  (1.3mb)

15 January 2014 Bonds

Bond Market Insight

Government bond auction results: MoF unwilling to pay higher interest rates

The debut primary auction of 2014 was characterized by partial market demand. Under the impact of high banking sector liquidity, investors decided to focus on short-term primary market bonds, of which...

ICUDebtInsight-20140115.pdf  (340.9kb)

14 January 2014 Bonds

Bond Market Insight

Weekly review: 2014 opens quietly

With no state budget approved by Parliament, and as the MoF significantly increased borrowings at the end of 2013 and will hold its first primary auction in 2014 today, this year has opened quietly wi...

ICUDebtInsight-20140114.pdf  (1.3mb)

14 January 2014 Bonds

Bond Market Insight

Результаты аукциона по продаже ОВГЗ: Минфин не готов платить больше

Дебютный аукцион 2014 года можно отчасти назвать рыночным, поскольку под влиянием высокого уровня ликвидности в банковской системе инвесторы решили бросить быстрый взгляд на первичный рынок ОВГЗ, и пр...

ICUDebtInsight-20140114-Rus.pdf  (448.6kb)

8 January 2014 Bonds

Banking Sector Insight

Riding choppy waters

The Ukrainian corporate sector has yet to figure out from where it will receive funding in the future. Meanwhile, Ukrainian banks are not only reluctant but unable to provide large-scale loans to the ...

ICUDebtInsight-20140108.pdf  (2.9mb)