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Concorde Capital Research: Ukraine government is close to issuing new Eurobonds

October 23, 2018 | Cbonds

The Ukrainian government is actively preparing to place international Eurobonds as soon as possible, the Interfax-Ukraine news agency reported on Oct. 22, citing anonymous sources. This information was later confirmed by acting Finance Minister Oksana Markarova, who acknowledged that a government delegation will launch a roadshow to market the new bond issue on Oct. 23. The government is considering an issue of 5-year or 10-year bonds, according to Interfax-Ukraine. Ukraine’s 2018 state budget assumes USD 2 bln in financing from international bonds.

Recall, Ukraine placed USD 725 mln in short-term international bonds on Aug. 23, maturing in late February 2019, at an effective rate of about 9.2%.

Alexander Paraschiy: Now that the IMF confirmed its intention to offer a new loan program to Ukraine, the government has a realistic chance to raise private debt abroad. We see the rate for the 10-year bond being between 8.5% and 9.0% and Ukraine will be able to raise USD 2 bln or slightly more. That will be enough for the government to fully finance the 2018 budget deficit, as well as slightly improve the country’s gross reserves.

Most likely, some of the quasi-sovereign corporate issuers will immediately follow MinFin with their own Eurobond placements. The leading candidates are Naftogaz (NAFTO) whose management has announced its intention to raise USD 0.5-1.0 bln, as well as Ukrainian Railway (RAILUA), which needs to raise funds to refinance a USD 0.3 bln amortization of its existing Eurobond in 2019.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine


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