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ICU Research: YTMs of Ukrainian Eurobonds declined to below 7.0% in the range of 5.04%-6.91% at the end of last week

November 5, 2012

Taras Kotovych, Fixed-income analyst, Investment Capital Ukraine:

After Ukraine‟s parliamentary elections last week, the Eurobond market continued its preelection malaise. However, YTMs continued to decline as spreads tightened slightly in anticipation of the official results on the formation of the new parliament and the new government‟s agenda.
YTMs of Ukrainian Eurobonds declined to below 7.0% in the range of 5.04%-6.91% at the end of last week, while only the UKRAIN 9.25% '17issue remained steady at 7.06%.
Spreads tightened to below 600bp and the 5-year Ukrainian CDS declined to 607bp last Friday from 640bp last Monday.
At the same time, if the political situation does not stabilize, negative developments could arise, namely from threats to the resumption of friendly talks with the IMF. If the IMF talks do not resume on a positive note, YTMs could jump significantly.

  • Status
    early redeemed
  • Country of risk
    Ukraine
  • Redemption (put/call option)
    *** (***)
  • Amount
    2,600,000,000 USD
  • М/S&P/F
    — / — / —