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Concorde Capital Research: Ukrzaliznytsia may issue of up to USD 1.5 bln in Eurobonds in two years

September 13, 2017 | Cbonds

Yevhen Kravtsov, the acting head of Ukraine railway monopoly Ukrzaliznytsia (RAILUA), said he believes that tapping international debt market is one of the ways of improving the company’s economic efficiency, according to Interfax-Ukraine report of Sept. 12. Over the next 1.5-2 years, the company is planning to issue new Eurobonds for USD 1.0-1.5 bln, Kravtsov said. Such an issue will enable the company to refinance some of the company's expensive loans, he said.

Alexander Paraschiy: Out of the company’s total debt of USD 1.4 bln as of end-1Q17, USD 0.5 bln were dollar-denominated loans from local banks with a weighted average interest rate of 11.6%, and UAH 0.5 bln were Eurobonds with a coupon rate of 9.88%. That indeed looks too expensive, given that the company’s Eurobond trades at a YTM of about 8% these days. Therefore, we see it possible for the company to tap the Eurobond market to lower its average cost of debt, especially if Ukraine’s sovereign Eurobond will be successfully placed this month. We maintain our neutral view on RAILUA bond.


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