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Eavex Capital Research: Ukrainian Eurobonds weekly comment

May 02, 2018 | Cbonds

Quotes for Ukrainian sovereign Eurobonds fell in line with other emerging market debt last week as the rising dollar made investments in EM bonds less attractive. The dollar has been surging as the Federal Reserve continues to lead other central banks in moving away from a decade of near-zero interest rates and so-called quantitative easing.

The benchmark long-term Ukraine-27s issue lost 1.2% to close at 98.1/99.1 (8.0%/7.8%), and medium-term Ukraine-23s shed 0.8% to 101.0/101.7 (7.5%/7.4%). The VRI derivatives (linked to Ukraine’s future GDP growth with expiration in 2040) slipped 0.7% to 67.6/68.6 cents on the dollar.

Metinvest’s newly issued Eurobonds with maturities in 2023 and 2026 were assigned a ‘B’ credit rating from Fitch Ratings last week. Fitch believes that Metinvest’s operational profile is consistent with a higher ‘BB’ rating, but said they were constrained by the operating environment in Ukraine. The Metinvest-26s declined by 1.4% to 96.8/97.1 (9.1%/9.0%) and Metinvest-23s fell 1.1% to 97.3/97.8 (8.4%/8.3%). Both issues were placed with a discount to their par value.

MHP-26s, which were also issued last month, declined by 1.6% to 98.0/98.5 (7.3%/7.2%), while Ferrexpo-19s inched up 0.2% to 103.2/103.7 (6.8%/6.2%). The 2021 Eurobonds of state-owned Ukrainian Railways (RAILUA-21s) dropped by 1.2% to 104.5/105.2 (8.3%/8.1%) despite the monopoly’s report of a solid rise in its bottom line in 1Q18.

Quasi-sovereign OschadBank-25s were off by 1.4% to 104.4/104.9 (8.8%/8.7%) amid news about the government’s latest move to inject more funds into the state-run behemoth’s capitalization. UkrEximBank-22s were down 0.7% to 104.3/104.7 (8.3%/8.2%).

Company: Eavex Capital

Full company nameEavex Capital
Country of riskUkraine
IndustryFinancial institutions

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