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Concorde Capital Research: Ukraine allows Naftogaz to issue USD 1 bln Eurobonds

October 25, 2018 | Cbonds

Ukraine’s Cabinet of Ministers approved on Oct. 24 a resolution to allow Naftogaz (NAFTO) to issue international bonds for up to USD 1 bln for up to five years, local media reported the same day. Earlier this week, Naftogaz CEO Andriy Kobolev announced that the company is planning to raise USD 0.5-1.0 bln from a Eurobond placement.

Alexander Paraschiy: Based on the company’s 2017 report, Naftogaz generated EBITDA of about USD 3.3 bln last year, while its net debt amounted to just USD 1.2 bln. That means Ukraine’s biggest natural gas company has enough room to attract a new large loan. Naftogaz's success will largely depend on the ability of Ukraine’s MinFin to complete its Eurobond placement, which we expect to occur next week.

Another state-controlled company that announced a plan to issue new Eurobonds by the end of 2018 is Ukrainian Railway (RAILUA). The nearest deadline for any corporate issuer to complete a Eurobond placement is Nov. 12, or 135 days after the end of the latest reporting period of 1H18. Most likely, of the two state-controlled candidates planning to place bonds, only Naftogaz will be able to meet this deadline, while Ukrainian Railway will have to try to perform its placement in later periods.

Company: Naftogaz

Full company namePJSC "Naftogaz of Ukraine"
Country of riskUkraine
Country of registrationUkraine
IndustryOil and gas

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