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Ukrainian Money market rates finally recovered from the unusually high levels of above 20% - expert

July 31, 2012 | Cbonds

Serhiy Yahnych, Head of Corporate Finance, UkrSibbank:

Money market rates finally recovered from the unusually high levels of above 20% where they remained for the last two months. On Wednesday money market was flushed with UAH liquidity causing KievPrime O/N rate to go down to 16%. On Friday O/N rate closed at 5%, down 18 bp w/w, hitting the lowest levels since May. KievPrime 1M rates also declined closing at 22.4% on Friday, down 2.2 bp w/w.
We expect MM rates to slightly increase this week due to a projected liquidity drop, however rates should recover to the current levels by the end of this week should NBU restrain from intervening on the FX market.
Last week UAH USD NDF rates remained flat along the curve. 12M UAH USD rate closed at 10.18 and 6M rate 9.12 on Friday. Status quo was also preserved in NDF implied yields - 12M yield stood at 26.4% on Friday. NDF rates seem unwilling to decline after a hefty hike in May. Despite the placement of USD 2 bn Eurobond in July and stabilization of UAH rate relative to its major trading partners, recent Trade balance data highlights that fundamental pressures on UAH remain strong.


Company: UkrSibbank

Full company namePJSC "UkrSibbank"
Country of riskUkraine
Country of registrationUkraine
IndustryBanks

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