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Auctions Procedure

The placement of domestic bonds is carried out at auctions and is conducted by the National Bank of Ukraine by the initiative of the Ministry of Finance of Ukraine. Primary dealers and the National Bank of Ukraine are the participants in the placement of domestic government bonds. Primary dealers meet certain conditions and assume certain obligations. Under cooperation agreement, primary dealers cooperate with the Ministry of Finance, providing bilateral quotations of government bonds and the purchase of domestic government bonds at their initial placement, while the Ministry of Finance provides dealers with the exclusive right to purchase government bonds at the moment of its issue. Investors address primary dealers in order to purchase domestic government bonds on their behalf.

The placement of bonds has the following forms:

  • auction sale of bonds;
  • sale of fixed-income bonds.

Domestic government bonds are distributed through primary placement and reopening. New bonds are distributed through primary placement, which, under the terms of issue and the volume of rights granted to their owners, have not yet been in circulation. Domestic government bonds that in accordance with the terms of their issue correspond with the bonds in circulation by maturity, the size of coupon payments, if any, and the volume of rights granted to their owners, are distributed through reopening.

The redemption of the domestic government bonds and the payment of the coupon yields are executed on the terms provided during their initial placement. If necessary, the owners of government bonds can sell their bonds on the secondary market.