Investor Presentaiton
Ukraine's domestic government bond holders
Key highlights
With a c.47.6% share, banks are currently the largest
holder of domestic government bonds followed by the
NBU, which accounts for c.37.5% of the portfolio¹
At c. 10.7% of total outstanding Ukrainian domestic
government bonds as of July 20201, the portfolio held by
non-residents increased by c. 1.3x times in UAH terms in
the course of LTM
Ukraine is making consistent steps to deepen domestic
government bond market and to increase share of non-
residents in local currency bonds portfolio
A link between Clearstream, the international central
securities depository, and the depository of the NBU
launched since May 2019
Domestic government bonds held by non-residents (eop)
2.9 3.5 4.1 4.0 4.3 4.9 4.9 5.2 4.3 4.1 3.9 3.7 3.4
In USDbn
Domestic government bond holders¹
3% 1%
37%
11%
■ Banks
■NBU
48%
■Non-residents
■Companies
■Individuals
Nominal and real weighted avg yields at primary auctions, %
18.9% 19.0% 18.6%
16.9% 17.6%
23.89
25.6%
16.1%
21.0% 22.2%
26.4%
19.0% 20.3%
16.3%
22.7% 21.8%
10.9%
11.9%
12.3% 12.9% 14.1% 15.1 % 15.8% 14.1%
18.8% 18.1% 17.2%
LLLL
16.7%
15.1%
10.0%
11.2%
9.4%
13.3%
10.2%
10.7% 10.6%
9.9%
7.8% 8.2%
11.9 11.4 10.7%
8.9%
6.8%
8.7%
8.4% 8.7%
7.9% 7.5% 7.2% 7.1%
8.2%
7.5%
6.4%
6.6%
5.7%
6.
5.9%
4.3%
4.1%
3.7%
1.5%
73.8 87.1 97.8 99.6 104.1 115.8 123.1 128.6 119.5 111.2 105.0 99.5 92.8
Notes
1
As of July 21, 2020
2
According to NBU's survey
Jul
19
about inflation
expectations of financial
analysts for the next 12
months
Oct
Aug Sep
Nov Dec Jan Feb Mar
19 19 19 19 19 20 20
Held by non-residents, UAHbn
% of total portfolio (excl. NBU)
Apr May Jun
20 20 20 20
Jul
Jan
20
18
Apr Jul
18 18
19
% of total portfolio
Oct Jan Apr Jul Oct Jan Apr Jun Jul
18
19 19 19
20
Nominal weighted avg yield, %
33
1
20
20 20
Real weighted avg yield, %
2
CPI expectations for next 12 months (y-o-y), %
Source Ministry of Finance, NBU
Source Ministry of Finance of Ukraine, NBU
July 2020
ERVE
34
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