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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
Focus again on longer military bonds
Yesterday, the Ministry of Finance offered the usual set of hryvnia bonds with maturities of one to...
3 December 2025
Unexpectedly low demand for USD-denominated bond
The MoF received almost UAH13bn for the state budget from yesterday's bond auction, including only t...
26 November 2025
MoF improves borrowings using FX-denominated bonds
Interest in UAH bonds decreased again, as investors have shifted their focus to USD-denominated and...
19 November 2025
Weekly Reviews
Parliament approves 2026 state budget
The Ukrainian parliament approved the 2026 state budget last week. The deficit is planned at UAH1.9t...
8 December 2025
NBU widens hryvnia volatility range
In late autumn, the National Bank further widened the band of hryvnia fluctuations compared with Sep...
1 December 2025
Eurobonds up on new peace initiative
Investors welcomed the news of a new peace plan to end the war in Ukraine presented by the US, but t...
24 November 2025
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