KIEV, Sept. 2 – Preliminary quotations for the VAT-bonds that are to appear on the secondary market in late this week or early next week will carry a 19-23% discount on their face value, although depending on the volume of the new issues that would be floated to the market, the prices could vary from tranche to tranche, according to analysts polled by Interfax-Ukraine.

"The price of VAT-bonds on the secondary market would mainly depend on the volume of bonds that would enter the market. If all bonds enter the market simultaneously, their interest rates could grow and the discount would be trimmed. If the VAT-bonds gradually enter the secondary market, the discount could remain at the present levels of 19-21% in medium term outlook," said the head of the financial market analysis department at ING Bank Ukraine (Kiev, Oleksandr Pecheritsyn.