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Ukrainian Eurobonds weekly comment

January 25, 2016 | Cbonds

Dmitry Churin, Head of Research, Eavex Capital:

Quotes for Ukrainian sovereign Eurobonds edged down last week under pressure of delays in implementing the accord to bring lasting peace to pro-Russian separatist-occupied territories. The current main bone of contention over the Minsk agreement is that while Russian President Putin says that Kyiv can get back control of the pre-2014 border only after the Donbass elections, President Poroshenko wants the border control to be returned in advance of such elections. With Ukraine and Western allies unwilling to see military conflict resume, some type of political settlement which includes Donbass elections remains needed. However, it now looks clear that Ukraine’s Parliament will fail to pass a constitutional amendment on local government needed to comply with the Minsk deal, raising question marks over the form of the settlement.

Ukraine’s 10-year sovereigns due in 2026 were lower by 0.2%, closing at 89.0/90.0 (9.4%/9.2%), while the shortest outstanding bonds, Ukraine-19s, inched up 0.3% to 94.0/95.0 (9.8%/9.4%). The so-called VRIs (value recovery instrument linked to future GDP performance) declined by 1.3% to 38.5/39.5 cents on the dollar.

In the corporate universe, UkrZaliznytsa bonds (RailUA-18s), which were named by Bloomberg as the best-performing investment in 2015, slipped 0.1% to 84.6/87.1 (17.9%/16.4%). Ferrexpo-19s decreased by 1.4% to 53.6/55.9 (35.8%/34.0%) and Metinvest-17s, which are set to be restructured later this year, fell 1.1% to 43.1/46.2 (65%/60%).

Quasi-sovereign UkrEximBank-25s shed 0.7% to 85.8/86.8 (12.4%/12.2%) while low liquidity PUMB-18s saw a marginal gain of 0.3% to 72.2/75.8 (24.6%/22.5%).

Company: Ukraine

Full company nameUkraine
Country of riskUkraine


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