Demand for Ukraine hryvnia bonds was only 40% of supply in the Finance Ministry’s Tuesday auction.

Demand for Ukraine hryvnia bonds was only 40% of supply in the Finance Ministry’s Tuesday auction. Despite this collapse in demand, the Ministry kept cutoff rates for the three bonds around 10%. While demand for 18-month bonds met supply, demand for 3-year bonds evaporated. With 2 billion hryvnia, or $82 million, in 3-year bonds on offer, demand only totaled $1.6 million. In total, investors bought $73 million worth of bonds, out of $184 million on offer.