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Comment: Ukrainian eurobond market as of 31 January

February 1, 2013

Svitlana Rusakova, International Fixed Income Sales, Dragon Capital

Ukrainian sovereign Eurobonds endured some serious pressure yesterday with bids on the screens hit in good size. Not a capitulation really, as the move was off highs, but at one point the long end of the curve was about 2 points down. In particular, Ukraine 21s — having traded at 107.5 two days ago — were hit as low as 105.5 (7.04%/6.88%). It is hard to pinpoint a particular reason. Rumors about new issuance, adjustment in line with other EMs, some weak macro data may all have contributed — but these same reasons were happily ignored just 36 hours ago. Corporate names were also adjusted lower following the move in sovereigns. Oschadbank dropped to 97.75/99.0 (9.10%/8.62%) and DTEK slipped to 103.0/104.0 (7.99%/7.51%). PRBANK 15s were quoted at 93.5/95.5 (12.33%/11.39%), with some investors looking to pick up bonds on the cheap. FXPOLN closed a touch lower at 100.25/101.25 (7.78%/7.42%).