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Eavex Capital Research: Ukrainian Eurobonds weekly comment

May 07, 2018 | Cbonds

Ukrainian sovereign Eurobonds declined in value amid a broad sell-off after Fitch Ratings assigned a ‘B-’ Long-Term Foreign-Currency Issuer Default Rating for the country which was at least one notch below expectations. The rating agency highlighted Ukraine’s high public debt burden and structural weaknesses.

In other news, there was information that unusually hot and dry weather across almost all Ukrainian regions has not yet damaged grain crops but there is no reason to expect a bumper harvest of early spring grains this year. Ukraine is expected to harvest around 62mn tonnes of grain in 2018.

The country’s longest outstanding Eurobonds, Ukraine-32s, dropped by 2.8% to 89.7/90.7 (8.6%/8.5%) and the shortest outstanding issue maturing in 14-months sank 0.8% to 102.6/103.1 (5.7%/5.3%). The VRI derivatives (linked to Ukraine’s future GDP growth with expiration in 2040) lost 0.7% to close at 67.1/68.1 cents on the dollar.

Debt papers of steel&mining group Metinvest with maturity in 2026 placed in April decreased by 1.4% to 95.2/96.1 (9.4%/9.2%). Metinvest-21s plunged by 3.9% to 100.0/102.0 (7.4%/6.8%). DTEK-24s declined by 1.0% to 106.3/107.3 (9.4%/9.2%) and Kernel-22s slipped by 1.9% to 102.5/103.4 (8.0%/7.7%).

Low liquidity Eurobonds of E&P company JKX Oil&Gas with maturity in 2020 ignored announcement that the company returned to drilling in Ukraine after an almost three-year break. The issue were unchanged at 85.0/95.0 (24.8%/17.3%).

Quasi-sovereign Eurobonds of state banks again lagged performance of the sovereign issues. OschadBank-25s shed by 1.2% to 103.8/104.7 (9.0%/8.8%) with a prospect of further decline this week. The bonds did not react on the bank’s 1Q18 financial report.

Issue: JKX Oil & Gas, 8% 19feb2018, USD (Conv.)

StatusCountry of riskRedemption (offer)VolumeEmission Rating (M/S&P/F)
outstandingUnited Kingdom02/19/202010,720,000 USD -/-/-

Company: JKX Oil & Gas

Full company nameJKX Oil & Gas PLC
Country of riskUnited Kingdom
Country of registrationUnited Kingdom
IndustryChemical and petrochemical industry

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