At December, 23, the MoF held the final primary auction scheduled for 2025, and borrowed UAH12.7bn. The budget received UAH7bn in hryvnia and the equivalent of UAH5.7bn in euros.
The budget received the vast majority of funds from the placement of one-year and 20-month UAH bonds: auction participants paid almost UAH2.8bn for one-year securities and UAH3.4bn for 20-month paper. The state budget received a little more than UAH0.8bn of proceeds from the three-year note. All hryvnia instruments were sold at the usual yields.
The surprise was the bond in euros. For the first time since July, demand exceeded EUR100m. Compared with the auction two weeks ago, the demand for this instrument increased more than eightfold. Therefore, the MoF attracted an additional EUR115m to the budget, with the cut-off rate remaining at 3.25%.
