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Concorde Capital Research: EBRD buys USD 100 mln tap issue of Ukrainian Railways 2024 Eurobonds

September 12, 2019 | Cbonds

Ukrainian Railways (RAILUA) and the EBRD signed on Sept. 10 a deal based on which the bank will purchase about USD 100 mln of additional Eurobonds of the company maturing in 2024, Ukraine’s Infrastructure Ministry reported. The effective rate of the additional bond placement is 7.292%, the ministry said. EBRD confirmed this on Sept. 11, stating that the raised funds will be used for the rehabilitation of priority railway lines. About 70% of the funds raised will be used for modernizing the Trans-European Transport Networks, and the rest will be used for rehabilitating the company’s communication and dispatching infrastructure, the ministry said.

Ukrainian Railways CEO Yevhen Kravtsov added on his Facebook blog that the company will use EBRD money for the purchase of raw materials exclusively, and the procurements would be convened “on EBRD rules.”

Recall, in early July, Ukrainian Railways issued new USD 500 mln Eurobonds maturing in 2024 with a coupon rate of 8.25%. Based on the company’s financial plan for 2019, it expected to attract two loan tranches from EBRD for a total amount of USD 117 mln this year.

Alexander Paraschiy: New EBRD financing is a positive signal indicating that a respected lender is satisfied with what is going on in the company. The expected increase of total amount of the RAILUA’24 Eurobond issue from USD 500 mln to about USD 600 mln is unlikely to improve the bond’s liquidity. We maintain our neutral view on the bond.

Issue: Ukrainian Railway, 8.25% 9jul2024, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine07/09/2024594,902,000 USD-/-/B

Company: Ukrainian Railway

Full company nameUkrainian Railways
Country of riskUkraine
Country of registrationUkraine


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