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Eavex Capital Research: Ukrainian Eurobonds weekly comment

June 04, 2018 | Cbonds

The market value of Ukrainian sovereign Eurobonds fell notably last week after government officials admitted that the Finance Ministry might try to enter foreign capital markets with a new bond issue that would represent a more expensive borrowing than previous ones. In another internal development that was not encouraging, Prime Minister Volodymir Groysman took away control over the State Fiscal Service from the Finance Ministry; this was a setback for the Ministry’s head Oleksander Danyliuk, who is well-respected by the IMF and foreign investors. Danyliuk said the move would be an impediment for reforming the State Fiscal Service.

The longest outstanding Ukrainian Eurobonds, Ukraine-32s, lost 2.8% to close at 91.4/92.4 (8.4%/8.3%), and medium-term Ukraine-23s were down by 1.6% to 100.3/101.0 (7.7%/7.5%). The VRI derivatives (linked to Ukraine’s future GDP growth with expiration in 2040) declined by 1.7% to close at 69.4/70.4 cents on the dollar.

In corporate debt papers, DTEK-24s were unchanged at 105.7/106.7 (9.6%/9.4%) despite positive news that the company turned profitable in 1Q18, earning USD 165mn in net profit in the period. Kernel-22s edged down by 0.3% to 103.4/104.3 (7.7%/7.4%) after the company’s 1Q18 financial results fell short of market expectations.

Metinvest-23s were unchanged at 97.9/98.7 (8.3%/8.1%) and Metinvest-26s inched down by 0.2% to 97.6/98.5 (8.9%/8.8%).

The quasi-sovereign Eurobonds of UkrEximBank (25s) and OschadBank (23s), which often lag the sovereign performance by a week, were both moderately lower by less than 0.5%, ending at 103.4/104.3 (9.0%/8.9%) and 103.0/104.0 (8.6%/8.3%) respectively.

Issue: Metinvest, 8.5% 23apr2026, USD

StatusCountry of riskRedemption (offer)VolumeEmission Rating (M/S&P/F)
outstandingUkraine04/23/2026525,000,000 USDB-/-/-

Company: Metinvest

Full company nameMetinvest B.V.
Country of riskUkraine
Country of registrationNetherlands
IndustryFerrous metals

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