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Eavex Capital Research: Ukrainian Eurobonds weekly comment

May 14, 2018 | Cbonds

Quotes for Ukrainian sovereign Eurobonds finally saw some rebound action after their quite sharp drop since the beginning of April. However, the overall perception of the country’s debt has not improved. The European Bank for Reconstruction and Development (EBRD) has left unchanged its forecast for Ukrainian economic growth in 2018 at 3% in its latest survey, and expects the same moderate pace to be retained in 2019. The EBRD also postulated that the forthcoming presidential and parliamentary elections cycle in 2019 represents important risks to the country’s growth outlook. Meanwhile, in foreign diplomatic activity, President Poroshenko met with German Chancellor Angela Merkel and French President Emmanuel Macron to discuss a “roadmap” for the implementation of the Minsk peace agreements with the involvement of a UN peacekeeping force in the Donbass conflict zone.

Ukraine-32s, the country’s longest outstanding Eurobonds, recovered a solid 1.8% to 91.4/92.4 (8.4%/8.3%), and medium term Ukraine-23s gained 0.8% to 100.0/100.7 (7.7%/7.6%). The VRI derivatives (linked to Ukraine’s future GDP growth with expiration in 2040) rose 1.0% to close at 68.8/69.8 cents on the dollar.

Metinvest-26s increased by 1.7% to 96.7/97.3 (9.1%/8.9%) after declining by the same increment a week ago. DTEK-24s failed to advance, inching down 0.2% to 106.0/107.0 (9.4%/9.2%). Kernel-22s edged up by 0.7% to 103.2/104.2 (7.7%/7.4%) while MHP-26s slipped 0.2% to 96.4/97.2 (7.6%/7.4%).

Quasi-sovereign Eurobonds of OschadBank-25s were flat at 103.2/103.5 (9.0%/8.9%) while UkrEximBank-23s fell 0.7% to 97.4/99.2 (10.2%/9.7%).

Issue: Kernel Holding, 8.75% 31jan2022, USD

StatusCountry of riskRedemption (offer)VolumeEmission Rating (M/S&P/F)
outstandingUkraine01/31/2022500,000,000 USDB/-/B+

Company: Kernel Holding

Full company nameKernel Holding S.A.
Country of riskUkraine
Country of registrationLuxembourg
IndustryFood industry

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