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Concorde Capital Research: Ukraine raises additional USD 350 mln from 2028 Eurobond placement

March 14, 2019 | Cbonds

Ukraine’s MinFin reported on March 13 it has been able to raise an additional USD 350 mln from its 2028 Eurobond. The bond was initially issued in late October 2018 for USD 1,250 mln, with a coupon rate of 9.75%.

Alexander Paraschiy: The Ukrainian Eurobond maturing in 2028 traded on March 12 at about 101% of par, which makes it interesting for investors to buy additional notes at par. Most likely, MinFin also used an opportunity to approach the holders of Oschadbank’s (OSCHAD) 2023 Eurobond, who received USD 453 mln in amortization and coupon payment on March 11. In this way, OSCHAD noteholders are likely to partially reallocate their funds into Ukraine’s sovereign notes. If so, MinFin will have another opportunity for an additional placement of its Eurobonds in late April, when the holders of Ukreximbank’s (EXIMUK) 2022 notes will receive amortization and coupons for USD 411 mln.

With the recent placement, as well as net purchases of dollars by the national bank (USD 212 mln just last week), Ukraine is very likely to enhance its gross international reserves by USD 200-400 mln in March.

Issue: Ukraine, 9.75% 1nov2028, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine11/01/20281,600,000,000 USD-/B-/B-

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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