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Ukrainian Eurobonds weekly comment

March 09, 2016 | Cbonds

Dmitry Churin, Head of Research, Eavex Capital:

Ukraine’s sovereign Eurobonds rebounded notably last week after a sharp sell-off seen in the second half of February on political stability concerns. Quotes for Ukraine’s 10-year benchmark bonds rose by a solid 8.0% to close at 87.8/88.8 (10.1%/9.9%). Investors were somewhat pleased by the first coupon payment for the new sovereigns, which totaled nearly USD 500mn, after their restructuring/reissue last autumn. However, ongoing uncertainty about whether Prime Minister Arseniy Yatseniuk will stay in the post or resign is still holding up a resumption of lending from the IMF; if Yatseniuk quits without a replacement who could obtain parliamentary approval, this would force a snap parliamentary election within 90 days. On the other hand, the Finance Ministry says that the IMF’s major requirement – the adoption of a well-balanced budget – has been fulfilled.

The shortest outstanding Ukrainian bonds, which are due in 2019, added 5.6% to back to 93.5/94.5 (10.0%/9.6%), and the VRI derivatives (linked to Ukraine’s future GDP performance) regained 12.1% to 31.5/33.5 cents after two weeks of double-digit losses.

In corporate debt, DTEK-18s shed 1.2% to 39.0%/43.0 (70%/64%) after the group posted rather discouraging coal production data for full-year 2015. On the upside, MHP-20s climbed 1.1% to 83.7/84.9 (13.6%/13.1%), following the positive move on the sovereign yield curve.

Quasi-sovereign banking debt papers UkrEximBank-25s rose 4.5% to 84.2/85.2 (12.8%/12.5%) and OschadBank-23s increased by 4.2% to 85.7/86.7 (12.5%/12.3%).

Company: Ukraine

Full company nameUkraine
Country of riskUkraine


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