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Ukrainian Eurobonds weekly comment

January 12, 2016 | Cbonds

Dmitry Churin, Head of Research, Eavex Capital:

Ukraine’s sovereign Eurobonds started the first trading week of 2016 on a positive note, with 10-year bonds gaining 4.0% to close at 91.5/91.8 (9.1%/9.0%) on expectations that the Ukrainian economy will begin to rebound in 2016 after a near 10% contraction in 2015 caused by the loss of output from separatist-occupied territories. A mission from the IMF is expected next week to discuss the possibility of a major disbursement in early February. However, the unpopularity of austerity measures and the slow pace of legal and judicial reform suggest that politics in Kyiv are likely to be another bumpy ride this year.

The shortest outstanding bonds, Ukraine-19s, rose 1.6% to 95.0/95.8 (9.4%/9.1%). The so-called VRIs (value recovery instrument linked to future GDP performance) added 2.8% to 41.4/42.4 cents on the dollar.

Corporate debt papers were lower. MHP-20s declined 1.3% to 85.8/86.8 (12.7%/12.4%) and Metinvest-17s, which are set to be restructured, dropped 2.0% to 44.0/46.2 (67%/63%).

Quasi-sovereign OschadBank-23s added 0.8% to 88.8/89.9 (11.7%/11.5%) while PrivatBank-18s, which are restructured version of PrivatBank-15s, fell 2.6% to close at 73.0/75.0 (29%/27%).

Company: Ukraine

Full company nameUkraine
Country of riskUkraine


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