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  • Adamant Capital (Ukraine)
  • Art Capital
  • Concorde Capital
  • Credi Agrikol Bank (Ukraine)
  • DTEK
  • Eavex Capital
  • Empire State Capital Partners
  • FUIB
  • ICU
  • Magister Capital
  • Ministry of Economic Development and Trade of Ukraine
  • OTP Bank (Ukraine)
  • Raiffeisen Bank Aval
  • Sberbank (Ukraine)
  • SP Advisors
  • UkrSibbank
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March 01, 2012
ICU Prelim BoP in Jan-12; Kyiv\'s new bond; banks\' liquidity mildly restored
Description
Although the MoF announced a primary auction to be held today, the first scheduled in March, this auction could attract only moderate demand and be canceled. The MoF will offer five bonds today, including two zero-coupon bonds, two ordinary coupon-bearing bonds, and a USD-indexed bond. Please see the table below for details of today\'s offering. Read full comment in the attachment (11 pages, PDF file 1124KB)
February 29, 2012
NRA-Ryurik Аналитический обзор банковской системы Украины за 2011 год
UFC Capital Еженедельный обзор украинского рынка облигаций
Raiffeisen Bank Aval Focus Украина (23.02.2012-29.02.2012)
ING Commercial Banking Ukraine Украина/Ежедневный обзор рынков: В январе реальная зарплата продолжила рост/ОВГЗ: лимиты по краткосрочным выпускам сократили поступления
ING Commercial Banking Ukraine Ukraine/Market Snapshot: Real wages in January continue growth acceleration/Government bonds: limits for short-term issues led to reduced proceeds
ICU Government bond auction results: Short-term bonds sold at double-digit yields
Description
Yesterday, the MoF saw only moderate budget proceeds at its Tuesday auction, as it rejected the majority of bids submitted; out of 24 bids submitted, only six were satisfied, and the rest rejected. Despite the fact that demand for USD-denominated bonds significantly rose compared with the auction a week ago, interest rates on submitted bids also rose, mostly because of the bonds\' tenors increasing: As such, (1) for the 1.5-year bond, interest rates were submitted in the range of 9.40-9.50%, which were 10-20bp higher than for the 1-year bond; and (2) for the 3-year bond, interest rates rose by 5bp, to 9.50%. And, if demand for the 3-year bond was indicative, the 1.5-year bond collected sufficient demand amounting to US$63.10m, but, the MoF decided that these interest rates were too high compared with Eurobonds\' YTMs, and rejected all bids for the instrument. With regard to the UAH-denominated bonds, only two of five bonds offered saw demand, which as expected, was concentrated on the shortest bonds, with 3-month and 6-month maturities. At the same time, the 10-month, 2-year local-currency bonds, and 3-year USD-indexed bond did not receive any bids. Bids submitted for UAH-denominated bonds were divided between the 3-month and 6-month bonds in quantities of 16 and four bids, respectively, amounting to UAH831.00m and 80.00m, respectively. From this demand, the MoF satisfied only six bids, three for each bond. We should note that the significant demand for the 3-month bond allowed the MoF to decrease interest rates on this bond, and the cut-off rate was decreased by 50bp, to 13.00%, and weighted average interest rate reduced by 61bp, to 12.89%. But, concerning the 6-month bond, the cut-off rate remained at the same level as two weeks ago, at 13.75%, but the weighted average interest rate rose by 11bp, to 13.74%. By the closing of the auction, the MoF ended up selling only UAH128.33m of local-currency bonds, and will receive UAH122.28m of budget proceeds today. Read full comment in the attachment (5 pages, PDF file 510KB)
ICU Gov\'t bond auction results; domestic liquidity on slow path to recovery; UAH finds footing
Description
Yesterday, the MoF saw only moderate budget proceeds at its Tuesday auction, as it rejected the majority of bids submitted; out of 24 bids submitted, only six were satisfied, and the rest rejected. Despite the fact that demand for USD-denominated bonds significantly rose compared with the auction a week ago, the MoF decided that these interest rates were too high compared with Eurobonds\' YTMs, and rejected all bids. Demand seen for the UAH-denominated bonds was divided between the 3-month and 6-month bonds in a total of 16 and four bids, respectively, amounting to UAH831.00m and 80.00m, respectively, of which the MoF satisfied only six bids, three bids for each bond. As a result, the MoF sold UAH53.33m of 3-month bonds and UAH75.00m of 6-month bonds at par value. Read full comment in the attachment (10 pages, PDF file 1122KB)
February 28, 2012
Raiffeisen Bank Aval Ukraine: Monthly Economic and Risks Monitoring Review, February 2012
NRA-Ryurik Аналитический обзор рынка облигаций Украины за 2011 год
ICU Результаты аукциона по продаже ОВГЗ: привлечён короткий долг
Description
Сегодня Минфин ограничился небольшими поступлениями в бюджет, и отклонил почти весь спрос, который был заявлен на аукцион. Из 24 заявок удовлетворены были только шесть, а остальные отклонены. Несмотря на то, что спрос на ОВГЗ, номинированные в валюте, существенно вырос по сравнению с аукционом неделю назад, ставки в заявках тоже повысились, так как срок облигаций значительно увеличился: (1) на полутора годовую облигацию ставки были поданы в диапазоне от 9.40% до 9.50%, что на 10-20 б.п. Выше ставок по годовой облигации; а (2) ставка по 3-летней облигации повысилась на 5 б.п. До 9.50%. И если объём спроса на трехлетнюю облигацию был индикативным, то полутора годовая облигация собрала 63.10 млн долларов США спроса. Однако Минфин счёл эти ставки очень высокими по сравнению с доходностью Еврооблигаций, и отклонил все эти заявки. Что касается облигаций, номинированных в гривне, то спрос был только на две из пяти облигаций, и только на самые короткие сроки, ожидаемо сосредоточившись на 3-месячной облигации, и немножко на 6-месячной. А 10-месячная, 2-летняя обычные облигации, и 3-летняя индексируемая на курс гривня/доллар, не получили ни одной заявки. Заявки на обычные облигации распределились между 3-х и 6-месячной облигациями в количестве соответственно 16 и четыре, и в суммах соответственно 831.00 млн гривень и 80.00 млн гривень. И из этого спроса Минфин удовлетворил только шесть заявок, по три на каждую облигацию. Стоит заметить, что большой спрос на 3-месячную облигацию позволил Минфину снизить ставку отсечения на 50 б.п. До 13.00%, а средневзвешенную ещё больше, на 61 б.п. До 12.89%. Что же касается 6-месячной облигации, то в том случае ставка отсечения осталась на прежнем уровне 13.75%, а вот средневзвешенная ставка повысилась на 11 б.п. До 13.74%. В результате аукциона Минфин разместил только 128.33 млн гривень ОВГЗ по номиналу, обеспечив поступление завтра в бюджет средств в сумме 122.28 млн гривень. Полный текст комментария содержится в прикрепленном файле (5 стр., PDF файл 588Кб)
ING Commercial Banking Ukraine Украина/Ежедневный обзор рынков: ОВГЗ: Минфин ограничивает предложение краткосрочных выпусков
ING Commercial Banking Ukraine Ukraine/Market Snapshot: Government bonds: MoF limits short-term bond issues
ICU Weekly review: Come-back season opens
Description
Ukrainian bonds on the local and Eurobond markets face a slightly tougher arena this week, as the MoF is confronted with sizable refinancing needs, offering double-digit yields on the UAH bonds, which will be readily snatched up by investors, including non-residents. The latter staged a modest return to the market last two weeks after a lengthy period of mostly selling the asset. Moreover, Ukraine\'s government is ready to jump into the Eurobond\'s market window to tap a US$1bn bond. Local currency. On the FX market, the UAH was on the rise last week, and moved higher again yesterday, closing at 7.9909/USD, in contrast to a few weeks ago, when the currency was at 8.03-8.04/USD. This could be explained in part by non-residents who started accumulating domestic sovereign bonds quite noticeably. The UAH\'s trade-weighted value continued to decline last week, however, as the euro and Russian ruble, which together constitute the lion\'s share of the trade-weighted basket, gained versus the US dollar. These gains translated into a 1.5% decline of the UAH\'s real TWI over last week. Domestic bond market. Banking sector liquidity fell significantly last week, causing interest rates to rise. A significant debt repayment was partially made to the NBU last Wednesday, which mitigated any impact on liquidity. But, despite the fall in liquidity, the MoF saw significant demand from its auction last Tuesday, receiving a large volume of budget proceeds. Eurobond market. Positive movements in problem-solving on Europe\'s macroeconomic front, including news of Greece\'s debt restructuring, were the most significant drivers last week, pushing up the Eurobonds prices. YTMs fell significantly, with spreads tightening, and if this trend continues for the next two weeks, the MoF could finalise the new Eurobonds issue very soon at interest rates not higher than 9.0%, but likely below this ceiling. Read full comment in the attachment (25 pages, PDF file 1906KB)
ICU New loans and deposits in Jan-12; gov\'t primary auction preview; UAH inches up
Description
The MoF will hold its biggest auction this month, with a large range of bonds offered to the market. For the first time, the MoF will offer 3-month, 6-month, and 12-month bonds together, as per the following: (1) the primary placement of 3-month bonds; (2) a reopening of the 6-month and 12-month bonds; (3) the reopening of the 2-year local-currency bond; (4) the primary placement of USD-indexed bonds not yet sold this year; and (5) two USD-denominated bonds, including the primary placement of an 18-month bond (despite a 1-year bond offering included in the schedule) and the reopening of the 3-year bond which was last time sold on 14 February, 2012 at a rate of 10.45%. Read full comment in the attachment (11 pages, PDF file 1157KB)
February 27, 2012
Cbonds Group CIS Debt Market Pipeline
Cbonds Group Планируемые выпуски на долговых рынках стран СНГ
Description
ИА Cbonds представляет данные о планируемых выпусках на долговых рынках стран СНГ. В обзоре приводятся готовящиеся сделки по внутренним облигациям, еврооблигациям и синдицированным кредитам стран СНГ. Также собрана информация по планируемым выпускам суверенных еврооблигаций развивающихся рынков. Все данные собраны на основе открытых источников и новостной ленты Cbonds.
UkrSibbank Fixed Income Weekly
ING Commercial Banking Ukraine Украина/Ежедневный обзор рынков: Сальдо текущего счета за январь было положительным
ING Commercial Banking Ukraine Ukraine/Market Snapshot: CA positive in January
ICU Jan. current account balance +US$0.4bn; City of Zaporizhia new issue; liquidity recovers; UAH finds support
Description
Last Friday, banks\' correspondent accounts with the NBU rose by only UAH0.28bn, to UAH14.19bn, causing broader banking sector liquidity, which also includes the total volume of the NBU\'s CDs outstanding and debt repayments scheduled for the next 30 days, to rise by the same volume of UAH0.28bn, to UAH21.85bn. The total volume of the NBU\'s CDs outstanding and debt repayments scheduled for the next 30 days remained steady last Friday, at UAH0.07bn and UAH7.59bn, respectively. KyivPrime interest rates continued to slightly decline last Friday, on the backgdrop of the slow recovery in liquidity after the quarterly tax payments. The KyivPrime ON rate declined by 154bp, to 5.4%, and the KyivPrime 1M declined by 6bp, to 13.50%. Read full comment in the attachment (10 pages, PDF file 1133KB)
February 24, 2012
FIDOCOMBANK UA Fixed Income Monthly
USAID Financial Sector Development Project FINREP Focus: Рынок государственного долга. #7 (#58)
ING Commercial Banking Ukraine Украина/Ежедневный обзор рынков: ОВГЗ: низкий уровень ликвидности повлиял на отсутствие спроса
ING Commercial Banking Ukraine Ukraine/Market Snapshot: Government bonds: low liquidity left little to reinvest
UFS IC Метинвест: финансовая устойчивость останется на высоком уровне. Еврооблигации компании интересны
Description
Метинвест – крупнейший украинский вертикально-интегрированный и металлургический холдинг в СНГ и Восточной Европе. По нашим прогнозам, выручка по итогам года вырастет на 35,0% относительно 2010 года и составит $12,6 млрд. Показатель EBITDA увеличится до $2,8 млрд., что превысит показатель 2010 года на 70,0%. Мы полагаем, что чистое увеличение финансового долга эмитента во 2 полугодии 2011 года составило около $350 млн., при этом, доля долгосрочного долга в общем долге выросла до 71,0%. Коэффициент чистый долг/EBITDA по итогам 2011 года останется в диапазоне 0,9-1,0. По итогам 1П 2011 года, финансовые метрики компаний выглядели значительно лучше, чем у аналогов из России. В настоящее время, выпуски Метинвеста торгуются со значительными премиями к евробондам Северстали, Евраза и ТМК. Эта премия остается довольно высокой, а евробонды Метинвеста – недооцененными. Мы ожидаем падения доходностей в обоих выпусках минимум на 100-120 б.п., что соответствует росту цены евробондов в районе 3,5-4,0%.
February 23, 2012
ING Commercial Banking Ukraine Украина/Ежедневный обзор рынков: ОВГЗ: часть средств может быть реинвестирована в новые выпуски/ДТЭК: планы операционной деятельности на 2012 г.
ING Commercial Banking Ukraine Ukraine/Market Snapshot: Government bonds: a portion of funds may be reinvested in new issue/DTEK: Management guidelines for 2012 operations
Raiffeisen Bank Aval Focus Украина (16.02.2012-22.02.2012)
UFC Capital Еженедельный обзор украинского рынка облигаций
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