The National Bank of Ukraine and the Ministry of Finance of Ukraine have tightened requirements for anonymity of bids submitted by bidders participating in the domestic sovereign bond offering. To this end, the regulator has amended the rules governing the placement of domestic sovereign bonds.
This move aims to ensure an impartial consideration of bids submitted by bidders participating in the domestic sovereign bond offering and that a decision on whether to accept them is taken in an unbiased manner. This, in turn, will contribute to the development of the domestic market of government securities.
From now on, authorized representatives of the NBU and the Ministry of Finance of Ukraine will have access only to information about the numbers and types of bids until the expiry of the deadline for the submission of bids. They will not have access to the information contained in the bids.
Restrictions on the information contained in the bids will be partially lifted after the expiry of the deadline for the submission of bids. Only then authorized representatives of the NBU and the Ministry of Finance of Ukraine will have access to information contained in competitive and noncompetitive bids with bidders remaining unidentified.
Authorized representatives of the NBU and the Ministry of Finance of Ukraine will have full access to information about bidders participating in the domestic sovereign bond offering only after the completion of placement of bonds and the communication of the results to bidders.
Authorized representatives of the NBU and the Ministry of Finance of Ukraine will have full access to information about the bidders once their bids have been rejected through the League application of the Domestic Sovereign Bonds -online system.
The relevant amendments to this effect are approved by NBU Board Resolution No. 417 of 28 December 2016 On Resolution No. 28 On Approval of Amendments to the Regulation on the Rules Governing the Placement of Domestic Sovereign Bonds. The resolution comes into effect from 19 February 2017.