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Eurobond market of Ukraine: Situation stable, suitable for a new offering

January 14, 2013

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

The end of last year and the beginning of this one were stable for the Eurobond market, causing improved spreads and YTMs of Ukrainian Eurobonds. We have seen for some time spreads tightening for most Eurobonds to below 600bp and the YTMs decline below 6.0%. Only long-term Eurobonds with maturities in 2020-2022 and UKRAIN 7.8% '22 have remained unchanged since the beginning of the new year.

The current market situation is opportunistic for the MoF to launch a new Eurobond offering to refinance the February IMF debt repayment in conjunction with funds received from domestic USD-denominated bonds. The significant debt burden in FX scheduled this year will force the MoF to launch external debt issues imminently. As last November’s expedited offering set as an example, the new issue will be placed as soon as all legal procedures are adopted by the Cabinet of Ministers.

  • Status
    early redeemed
  • Country of risk
    Ukraine
  • Redemption (put/call option)
    *** (***)
  • Amount
    550,000,000 USD
  • М/S&P/F
    — / — / —