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2 years of cooperation with Clearstream: the portfolio of foreign investors in local government bonds increased by more than UAH 54 billion

Today the Ministry of Finance held a virtual conference with foreign investors, dedicated to 2 years of Ukraine's link to the international depository Clearstream. The speakers of the conference were Jan Williams and Serge Christ, representatives of the Clearstream International Securities Depository, Yuriy Butsa, Government Commissioner for Public Debt Management, and Oleksiy Lupin, Director of the Open Markets Department at the National Bank of Ukraine.

On May 27, 2019, the international central securities depository Clearstream connected the Ukrainian market to its network through an account opened in the Depository of the National Bank of Ukraine and made Ukrainian government bonds available in its settlement system. This led to a record increase in investments in Ukrainian local government bonds by foreign investors: in 2 years, the portfolio of domestic government bonds owned by non-residents increased by more than UAH 54.3 billion. As of June 2, 2021, the total amount of local government bonds owned by foreign investors is UAH 98.3 billion or 9.8% of the total amount of the outstanding bonds. At the peak of investments in February 2020, the portfolio of non-residents amounted to UAH 129 billion (15.8% of the total portfolio).

Within two years, thanks to the opening of a link with Clearstream and increased investment in local government bonds by foreign investors, the Ministry of Finance managed to reduce the currency risk of public debt by increasing the share of public debt in national currency (from 36.5% at the end of May 2019 to 39% at the end of May 2021) and the refinancing risk due to the extension of the weighted average maturity of the local government bonds from approximately 6 months in January-May 2019 to 1.5 years in January-May 2021. During the two years of cooperation, the Ministry of Finance for the first time placed long-term domestic government bonds in UAH with maturities in 2025 and 2027. In addition, the weighted average yield on hryvnia bonds decreased significantly - from 18.7% in January-May 2019 to 11.2% in January-May 2021.