MinFin sells UAH 1.5bn of UAH bonds, including UAH 0.2bn ($9m) 7Y tap
The Finance Ministry sold UAH 1.5bn of hryvnia-denominated bonds yesterday, matching last week’s issuance. MinFin tapped its longest available 7-year bonds for only UAH 0.2bn at 9.95% p.a., down from an inaugural UAH 3.6bn at the end of January and 16bp above the January placement level. It also sold UAH 0.6bn of 2-year bonds at 10.0% (in line with two weeks ago), UAH 0.5bn of 1-year debt at 9.9% (+27bp w-o-w), and UAH 0.2bn of 3-month paper at 9.4% (-6bp from two weeks ago). MinFin imposed last-minute caps on all maturities except for the 7-year bond, but actual placement volumes still fell short of those limits. In the absence of UAH bond redemptions this week, the net placement volume stood at UAH 1.5bn, up from a UAH 3.0bn net redemption last week, bringing YTD net redemptions to virtually zero.