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Yesterday, the MoF replaced three-year bonds due in November 2028 with a new three-year bond due in September 2028.
Demand for the 14-month bill grew slightly to UAH2.3bn with unchanged interest rates, as the MoF offered only this military bond.
Demand for 20-month paper rose sharply WoW from UAH45m to UAH2.3bn without changes in interest rates.
Note: [1] payment frequency abbreviations: M - monthly, Qtly - quarterly, SA - semi-annually, @Mty - at maturity date; [2] proceeds and volumes for the USD-denominated bonds are calculated based on the previous day's exchange rate 41.53/USD, 48.99/EUR; [3] yields on coupon-bearing bonds are effective yields to maturity. Sources: Ministry of Finance of Ukraine, Bloomberg, ICU.
The most interesting offering was the new three-year paper. The MoF replaced the note due in November 2028 with a new bond due in September 2028. However, the shorter maturity did not impact conditions for the new bond. The cut-off rate remained unchanged at 17.8%, while the weighted-average rate slid a mere 3bp to 17.77%.
There were no surprises at the four-year bond offering. The MoF received4x oversubscription and sold the planned amount of bonds. However, competition was low, as the cut-off rate rose by 5bp to 14.84% and the weighted-average rate was up 32bp to 14.63%.
Changes in interest rates were insignificant as bidders are waiting for the NBU's new macro update, which will come tomorrow.
Appendix: Yields-to-maturity, repayments
