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Comment: Ukrainian eurobond market as of 5 December

December 6, 2012

Svitlana Rusakova, International Fixed Income Sales, Dragon Capital

Some supply in sovereigns appeared in the afternoon and Ukraine 9.25% 17s and Ukraine 22s got hit at the opening levels. However, the sovereign curve finished the session almost flat with the 17s quoted at 108.5/109.5 (7.06%/6.81%) and 22s finishing the day unchanged at 101.75/102.75 (7.55%/7.40%). After the market closed, Moody’s announced its downgrade of Ukraine to B3 with a negative outlook (see below), which is a notch below Fitch’s rating and two notches lower than S&P. In the corporate sector, MHP strengthened to 104.75/105.75 (8.01/7.56%) and AVINPU moved up to 92.0/95.0 (13.42/12.09%) on the back of the EU’s decision to allow imports of Ukrainian poultry and eggs (see below). A few good bids in Metinvest and FXPOLN got hit. PUMBUZ remained firm at 99.75/101.75 (11.13/10.04%).

  • Status
    redeemed
  • Country of risk
    Ukraine
  • Redemption (put/call option)
    *** (***)
  • Amount
    584,767,000 USD
  • М/S&P/F
    — / — / —