ICU

ICU gives this insight into the Nov. 24 auction: “For the first time since the end of February, foreigners’ portfolios rose during a week, albeit by a small amount. The increase amounted to just UAH182m (US$6m)… It looks like the main reason for such purchases is an increase in global demand for risk-on assets amid relatively moderate hryvnia exchange-rate fluctuations last weeks. This could provide incentive for some foreigners to purchase bills at primary market, given rates started at 10%, in expectation that the hryvnia will not weaken or even appreciate.”