Finance

Bond Market Insight: Investor Enthusiasm for USD-denominated Bonds

A huge investor demand for the new USD-denominated paper to reinvest money from this and last year’s redemptions. Bond Market Insight for April 30.

By ICU

May 1, 2025

VRI Restructuring Offer Unimpressive for Investors

Ukraine announced the results of its debut attempt to agree the terms of VRI restructuring – the initial offer was rejected by investors. Weekly Insight for April 28

By ICU

April 29, 2025

Bond Market Insight: Finance Ministry Satisfies All Bidders

Ukraine’s Ministry of Finance satisfied all demand, but didn’t increase the yields much. Bond Market Insight for April 23

By ICU

April 23, 2025

ICU Weekly Insight: Minerals Deal Adds Subtle Optimism

Eurobond price increases after the mineral deal memorandum signing, lower central bank interventions, larger international aid, and key rate remains the same. Weekly Insight for April 21.

By ICU

April 21, 2025

ICU Macro Insight: Larger Financial Aid Buys More Time for Economy to Adjust

ICU forecasts no significant changes in the balance of safety risks over the 12-month horizon, sustaining the uncertainty for consumers and businesses.

By ICU

April 17, 2025

Bond Market Insight: Ukraine launches New Three-year Bonds, Banks Buy Reserve Bonds

Ukraine’s finance ministry offered banks the opportunity to buy new reserve bonds due in October 2028 and introduced a three-year bond. Bond Market Insight for April 17

By ICU

April 17, 2025

ICU Weekly Insight: Monthly Inflation Surges in March

Central bank reserves increase, but inflation is still accelerating. Weekly Insight for April 14

By ICU

April 15, 2025

Bond Market Insight: Finance Ministry Maintains Rates on Hryvnia Bonds

The Ministry of Finance refused to raise interest rates on two-year bonds and continued to lower yields on reserve bonds. Bond Market Insight for April 9.

By ICU

April 9, 2025

ICU Weekly Insight: Ukraine GDP slows dramatically

News bonds from the Finance Ministry, prices of Ukrainian Eurobonds plunged again, new data on 2024 real GDP, and NBU strengthening the hryvnia to a new record. Weekly Insight for April 7.

By ICU

April 7, 2025

Bond Market Insight: Reserve Bonds Substitution

Ukraine changed its offer for UAH bonds, which did not allow it to increase the budget proceeds.

By ICU

April 3, 2025

ICU Weekly Insight: IMF Increases Foreign Aid Assumptions

Refinancing of domestic debt below 100% in 1Q25, National Bank of Ukraine increased interventions, higher foreign aid assumptions. Weekly Insight for March 31.

By ICU

April 1, 2025

ICU Weekly Insight: Government Bond Demand Increases Again

Clients want to buy hryvnia bonds again, Eurobond prices slide without significant progress in negotiations, hryvnia is weakening. Weekly Insight for March 24.

By ICU

March 25, 2025

Bond Market Insight: Higher Yields Attract Demand

Last week’s increase in UAH bond interest rates boosted demand for primary placements. Bond Market Insight for March 19

By ICU

March 21, 2025

ICU Weekly Insight: Inflation Slows in February

Government bonds interest rates increased, hryvnia weakened, monthly inflation slowed markedly in February, and market relief after ceasefire news. Weekly Insight for March 10.

By ICU

March 18, 2025

Bond Market Insight: MoF Follows NBU’s Rate Increase

After receiving large demand, the MoF agreed to accept less aggressive bids and increase bond yields by 50bp, only half of the NBU’s key rate increase last week. Bond Market Insight for March 12.

By ICU

March 12, 2025