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UkrSibbank Research: FX/FX-linked bonds made a better case, with yields on 2-year USD bonds down by 25 b.p.

January 22, 2013

Anastasia Golovach, Analyst, UkrSibbank:

FX/FX-linked bonds made a better case, with yields on 2-year USD bonds down by 25 b.p. While its UAH offerings proved to be a failure, the Ministry managed to raise USD 67mn in 2-year USD govies (most of which seemed to be purchased by non-residents), in addition to USD 530mn 4-year putable bonds, at the yield of 8.5% and 7.5% respectively.
At the same time, 3Y USD debt was not sold, as the required yield made 9%. While all of the three issues received only one bid each, the second one (USD 530mn) seemed to be another “friendly” placement, given its substantial amount, the embedded put option (which can be exercised any time, subject to a 20-day notice) and a comparatively long tenor. The 2mn issue was further increased by USD 63mn on the January 15 auction, with its yield lowered to 8.25% (-25b.p.). The day was also marked by the successful placement of 3-year USD-linked UAH 457mn bonds at the yield of 9.19%.