OREANDA-NEWS. On 12 August 2009 the NBU announced that the amount of the local bonds in circulation increased by 36% to UAH 70bn in a week. This was the largest local bonds issue in the last three years. UAH 5bn of the bonds were bought by the commercial banks, while other UAH 13bn were purchased by other customers.

Millennium Capital sees the news to be NEUTRAL, since in most of cases the funds received from the bonds issue will be directed to the charter fund increase of the Naftogas Ukrainy and than on the redemption of the Naftogas debts. Millennium Capital expects this will not devalue the national currency since usually Naftogas buys large amounts of the foreign currency over the counter from the NBU.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of the major investment banking institutions.