Media: Bond Market of Ukraine came out of the coma

Ukrainian bond market emerged from the coma, which lay more than a year, and although still in unpresentable as surely on the mend This opinion was expressed by a senior analyst Astrum Investment Management Sergey Fursa, writes the Mirror of the week. Ukraine. He notes that in 2009 Ukraine has received a full-fledged market for domestic government bonds. "An acute shortage of government funds, the fear of banks to lending activity became the parents of the new Ukrainian market of acute shortage of government funds, the fear of banks to lending activity became the parents of the new Ukrainian market, - the expert believes. And in 2010, "can surely be called a year of government bonds," he states. "Certainly from the perspective of macroeconomic stability, public debt - is bad. But the point of view depends on the seating, and the participants of the bond market is extremely excited about this growth. It all started back in the autumn of 2009, when borrowing in the domestic market were the Government's sole source of financing the budget deficit. And the market, the Ukrainian banks are well aware, unwinding the yield on Treasury at least podsazhivaniya needle borrowing short. As a result, the primary market was set to record at 29,5%, average rates on the secondary market stood at 25% "- reminds Fursa. However, a few months in early 2010 yield dropped by half. The main players in the market of government bonds were non-residents who had increased their holdings by the end of the year 10,8 billion UAH. "This portfolio has almost doubled due to sharpness of the Government, which issued the VAT-bonds (the main event on the market in the second half of 2010)," - said the expert. Formation of high-grade government bond market is already having a positive impact on recovering sector corporate bonds. By the end of the year, despite the fact that even in the spring, many reputable market participants refused to believe in the possibility of recovery in the next few years, the segment of corporate debt, after massive defaults and restructuring of 2008-2009 in Ukraine has held a series of placements. And enter the market not only banks and quasi-borrowers who would have become a driving force to recover it, but the company's second-tier, says Fursa. According to the analyst, the main issues for 2011 are as follows: what is the part of non-residents, and how quickly banks will open limits on corporate securities. "At the moment, most banks subdivisions risk control is set to veto the purchase of corporate bonds, and to overcome it must be a" political solution "of government. Theoretically, the best timing for this is the beginning of the new fiscal year, and we can expect a change in strategy of banks since February-March. Leaders in this segment, of course, be made by the Russian financial institutions are adhering to the Ukrainian market of the most aggressive policy ", - the expert believes.