Emerging Markets Rates and Currencies Handbook

FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Govt. Bonds Market Overview Onshore Market  ✗ ✗ ✗ ✗ ✗   Offshore Market ✗ ✗  ✗ ✗ ✗ ✗  Onshore Volume (MM USD Daily) Offshore Volume (MM USD Daily) Onshore Max Tenor (Or Typical Tenor For Spot) Offshore Max Tenor (Or Typical Tenor For Spot) Onshore Typical Deal Size (MM USD) Offshore Typical Deal Size (MM USD) Onshore CitiFX Pulse Capabilities 100 - 200 N/A T+0 N/A 0.5 – 1 N/A  N/A N/A N/A N/A N/A N/A ✗ N/A 0-2 N/A 1 year N/A 1 – 5 ✗ N/A N/A N/A N/A N/A N/A ✗ N/A N/A N/A N/A N/A N/A ✗ N/A N/A N/A N/A N/A N/A ✗ 200 N/A T+20 N/A 5 N/A ✗ 30 10 5 years 5 years 2 2 ✗ Offshore CitiFX Pulse Capabilities ✗ ✗ ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing Official NBU USDUAH rate is fixed at the level of UAH 36.5686 per USD. REUTERS ticker: USDUAHFIX=. Non USDUAH rate is determined on the basis of the official NBU USDUAH rate effective on the day of the transaction, as well as information on the current exchange rates of foreign currencies to the US dollar (or US dollars to foreign currencies) on international exchange markets, which are obtained through trade and information systems at the time of setting the cash rate. Sale and purchase of foreign currencies by banks to fulfil clients’ orders in the cashless segment of the FX market is performed at a rate that may not deviate by more than 1% from the official rate. Ukrainian Government Bonds (UKRGB) market. Primary auctions Weekly auctions on Tuesdays. Participation via Primary dealers (Citibank Ukraine — Primary dealer in Ukraine). Maturities: 3M, 6M, 1Y, 2Y, 3Y and 5Y. UKRGB — tradable in Clearstream Banking S.A. Onshore secondary market typical deal sizes 1-4MM USD. Onshore secondary market volume - 5-15 MM USD daily. Citi Ukraine provides full brokerage service in domestic UAH Govt bonds. Regulation Non-Resident Restrictions: Non-resident (e.g. non-resident corporate) is permitted to transact FX with an onshore entity (e.g. onshore bank). For non-bank non-residents the investment or current accounts are required while for banks non-residents FX can be done through correspondent accounts. ✗