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Eurobond market of Ukraine: YTM range widening

November 12, 2012

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

Because of the announced UKRINF Eurobond issue described above, investors possibly started to sell bonds with maturities in 2017-2021, thus causing YTMs to rise. According to last week's data, last Monday‟s YTMs range widened from 6.53%-6.89% expanded to 6.63%-7.56% on Wednesday (excluding the very volatile UKRAIN 7.65% '13). Also, Ukrainian sovereign Eurobond spreads widened last week as the Ukrainian 5-year CDS rose to 648bp.
Old UKRINF Eurobonds originally issued with 7-year maturities could be refinanced with a maturity in 2019, as significant debt repayments on sovereign and UKRINF Eurobonds are scheduled in 2017-18. As the result, investors are looking for new issues to be approved.

This week depends on external factors, especially on Greek news, with the 2013 budget up for adoption yesterday and today could be available for a crucial preliminary report on the country's situation. Such a report which could be pivotal for continued support, particularly as Greece has a significant debt repayment due this Friday and will try to refinance it using short-term T-bills. If a new tranche of support is not issued in November, debt problems in Greece and Europe could escalate quickly, negatively affecting emerging market and Ukrainian Eurobond YTMs.

  • Status
    early redeemed
  • Country of risk
    Ukraine
  • Redemption (put/call option)
    *** (***)
  • Amount
    568,000,000 USD
  • М/S&P/F
    — / — / —