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Ukrainian Eurobonds weekly comment

June 06, 2016 | Cbonds

Dmitry Churin, Head of Research, Eavex Capital:

Ukrainian sovereign Eurobonds ended higher last week, with the 10-year benchmark, Ukraine-26s, gaining 1.9% to 93.3/94.0 (8.8%/8.6%)and the shortest outstanding issue, Ukraine-19s, rose 1.0% to close at 97.5/98.3 (8.6%/8.4%). The VRI derivatives (linked to Ukraine’s future GDP performance) increased by 2.0% to 31.5/32.5 cents. In major political developments, Parliament approved judicial reforms that Western backers say are needed to fight corruption. We assume that the passage of this bill on the judiciary was the catalyst that unlocked a new USD 1.0bn loan guarantee from the US the very next day after the constitutional vote. The bill aims to end judges’ legal immunity in case of bribery or other malpractice, was backed by an impressive total of 335 lawmakers of Parliament’s 425 sitting MPs.

Ukrainian corporate debt papers were little changed last week. The 3 outstanding bond issues of Metinvest, which are in the process of being unified into a single Metinvest-2021 issue, were all steady at 69.0/70.0 cents after their sharp rise over the last several weeks. MHP-20s, which are Ukraine’s strongest corporate issue as measured by their tight spread to the sovereign yield curve, were flat at 93.0/94.0 (10.5%/10.2%). Quasisovereign UZRail-21s (RAILUA) rose 1.4% to 92.5/93.8 (11.8%/11.5%) after the company’s new Polish CEO, Wojciech Balczun, presented a highly qualified management team.

In banking Eurobonds, PUMB-18s added 2.1% to 80.3/83.9 (21.1%/19.1%) and PrivatBank-18s advanced by 2.2% to 82.0/84.0 (24.3%/22.5%). Yields for the government’s UAH-denominated VAT-19s stood at bid/ask of 19.00%/17.50%.

The hryvnia was firm over the week, climbing 0.5% against the dollar to close at 25.05 UAH/USD.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine


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