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Concorde Capital Research: Interpipe: Operating activity rebounding, so why no restructuring?

April 11, 2018 | Cbonds

Interpipe operating activity has been rebounding since early 2016, approaching 2014 levels. Since 2014, Ukraine’s leading pipe producer Interpipe has gone through difficult times, especially in early 2016, because of the global oil price crash, which had a direct effect on the market for pipes. However, by the end of 2017, both pipe prices and Interpipe’s production volumes have rebounded strongly and are approaching 2014 levels (although certain indicators still have some way to go).

Trade barrier risks ahead. The recent introduction of Trump steel import tariffs (affecting 15% of Interpipe’s pipe sales volumes) and the Eurasian Economic Union’s import tariff hike on Interpipe’s wheels (about 50% of total wheel sales volumes) pose risks to Interpipe’s operations in the future.

A time to conduct debt restructuring? Despite a lot of uncertainty, we see the opportunity to pose a simple question: if Interpipe’s operations (volumes and prices) are approaching 2014 levels, then how appropriate is it that the company’s Eurobonds are currently worth about 32% of par, in comparison to about 80% of par in early 2014? In other words, isn’t it time for Interpipe to restructure its debts and offer a reasonable deal to creditors, particularly the holders of its notes?

Issue: Interpipe Limited, 10.250% 2aug2017, USD

StatusDefaultCountry of riskRedemption (offer)VolumeEmission Rating (M/S&P/F)
redemption defaultYesUkraine08/02/2017200,000,000 USDNR/-/Withdrawn

Company: Interpipe Limited

Full company nameInterpipe Limited
Country of riskUkraine
IndustryFerrous metals


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