If the local currency T-bill market is a good indicator of a country’s financial health, Ukraine is seriously unwell. Known locally as OVDPs (in Russian OVGZs) they are hryvna-denominated zero-coupon notes that are held by the National Bank of Ukraine (NBU) in a dematerialized form. Maturities on all notes are 12 months or less. Total capitalization in the T-bill market was about $5 billion at the start of this year and even after the Asian crisis last year, Ukrainian T-bills were seen by foreign investors as an attractive play.
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