OREANDA-NEWS. January 12, 2010. According to the NBU, the amount of local bonds in circulation increased by 20.6% or by UAH 14.7bn. In particular, bonds in the NBU possession rose by UAH 7.7bn. Naftogas has increased the amount of local bonds in its assets by UAH 5.7bn.

Millennium Capital believes that the purpose of NBU bonds purchase was to pay for the natural gas consumed in December 2009 (to the tune of USD 900mn). Meanwhile, the increase of local bonds in Naftogas possession was due to its planned charter fund increase by UAH 12bn, as approved in late December 2009. At the same time, Millennium Capital considers that USD 2bn, which became available from Ukraine’s net international reserves in the IMF, may be used for natural gas payments in February-March 2010.