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Eavex Capital Research: Ukrainian Eurobonds weekly comment

April 10, 2018 | Cbonds

Ukrainian sovereign Eurobonds saw some recovery last week, with investors receiving an encouraging message from the government that the economy might grow faster than previously expected. The revised forecast now foresees a 3.2% rise in Ukrainian GDP in 2018 after a 2.5% YoY increase in 2017.

The longest outstanding sovereign issue, Ukraine-32s, saw a firm rise of 1.1% to 97.4/98.2 (7.7%/7.6%), medium-term Ukraine-23s gained 1.0% 104.3/105.0 (6.8%/6.7%), and Ukraine-19s (due next September) were unchanged at 104.0/104.5 (4.8%/4.4%). The VRI derivatives (linked to Ukraine’s future GDP growth with expiration in 2040) edged up 0.5% to 70.0/71.0 cents on the dollar.

Steel & mining group Metinvest made headlines by placing 5-year new Eurobonds in the amount of USD 825mn at a yield of 8.00% and 8-year bonds for USD 525mn at 8.75%. Most of the proceeds will be used to buy back outstanding Eurobonds maturing in 2021. Currently Metinvest-21s are quoted at 104.8/105.5 cent on the dollar.

MHP-24s remained inactive at 106.8/107.3 (6.4%/6.3%). Ferrexpo-19s edged down by 0.2% to 102.6/103.5 (7.7%/6.5%) amid falling iron ore prices on global markets. Prices were hit hard last month by US decision to impose additional duties on steel from China. The Eurobonds of state-owned Ukrainian Railways (RAILUA-21s) were unchanged at 106.1/106.5 (7.8%/7.7%).

Quasi-sovereign UkrEximBank-25s rose 1.1% to 107.7/107.9 (8.2%/8.1%) and OschadBank-23s climbed 0.7% to 105.5/106.5 (8.0%/7.8%).

Company: Metinvest

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

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