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ICU Research: Ukraine is to place US$2bn in Eurobonds in 2018

April 25, 2018 | Cbonds

The Ministry of Finance may enter the Eurobond market prior to reaching a deal with the IMF.

According to Finance Minister Oleksandr Danyliuk, the majority of Eurobonds will be placed after reaching an agreement with the IMF, but the Ministry of Finance closely monitors the market conditions, and may test it by placing a smaller part of the issue "a bit earlier."

The Finance Minister is optimistic about the anti-corruption court law but cannot predict how long it will take to adopt it. The next step should be the completion of negotiations with the IMF regarding the price of gas for the population. Danyliuk hopes that Ukraine will be able to meet the requirements of the IMF by early summer, which will allow unlocking the next tranche of IMF in the amount of US$1.9bn. Meanwhile, the NBU expects that Ukraine will place US$2.5bn in Eurobonds in 2018, and US$1.5bn in 2019.

ICU view: The market expected Ukraine to enter the Eurobond market in 2018, but the government's intention to place part of the issue before reaching a deal with the IMF on the next tranche was unexpected. We believe further cooperation with the IMF is a key issue for Ukraine, as the government has to pay a total of US$13.2bn in 2018-2019.

Company: ICU

Full company nameICU
Country of riskUkraine
IndustryFinancial institutions

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