• image
  • image

Ukraine Fixed Income Weekly (October 26, 2015)

Eurobonds overview

Ukraine’s Eurobonds prices remained nearly unchanged last week. Ukraine-15, Ukraine-20, and Ukraine-21 remained unchanged at 82.7 cents, 81.2 cents, and 78.8 cents. Ukraine-17 and Ukraine-23 gained 0.4 cents on average and were traded at 78.9 cents and 79.1 cents. Ukraine-16 and Ukraine-22 lost 0.4 cents on average and were traded at 78.5 cents and 79.2 cents respectively. In our view, while benefiting from the upward review of the country’s ratings by rating agencies following the completion of the debt restructuring operation, Ukraine’s Eurobond prices were still waiting for the finalization of the notes’ exchange. Additionally, the local elections of October 25 might have frozen the market, in expectations of the electoral results and their effect on the country’s policy.

Read more: Ukraine Fixed Income Weekly (October 26, 2015)

Ukraine Fixed Income Weekly (October 19, 2015)

Eurobonds overview

Last week the prices of the short-term Ukrainian Eurobonds Ukraine-15 and Ukraine-16 remained  unchanged at 82.8 cents and 78.9 cents respectively. All other Ukrainian Eurobonds have lost in prices. Ukraine-17 lost 1.5 cents to trade at 78.5 cents, Ukraine-20 lost 2.8 cents to trade at 81.3 cents, Ukraine-21 lost 0.5 cents to trade at 78.9 cents, Ukraine-22 lost 1.3 cents to trade at 79.8 cents, and Ukraine-23 lost 2.0 cents to trade at 78.7 cents. In our view, the prices of Ukraine’s Eurobonds started adjusting to their fair value, after the announcement of the positive results of the creditors’ meeting of October 14, 2015.

Read more: Ukraine Fixed Income Weekly (October 19, 2015)

Ukraine Fixed Income Weekly (October 12, 2015)

Eurobonds overview

Last week Ukrainian Eurobonds prices remained nearly  unchanged. Ukraine-15 traded at 82.8 cents, Ukraine-20 at 81.3 cents, Ukraine-21 at 79.0 cents, and Ukraine-23 at 80.5 cents. Ukraine-16 gained 0.1 cent and traded at 79.0 cents, whereas Ukraine-17 lost 0.5 cent to trade at 79.0 cents. Ukraine-22 gained 0.3 cents and traded at 79.8 cents. In our view, Ukraine’s Eurobonds are now overpriced, with price volatility going down as investors are waiting for the wrap-up of the debt operation.

Read more: Ukraine Fixed Income Weekly (October 12, 2015)

Ukraine Fixed Income Weekly (October 5, 2015)

Eurobonds overview

Last week all Ukrainian Eurobonds  gained in prices, saved the longest Ukraine-23, which lost 2 cents and was traded at 80.5 cents.  The shortest Ukraine-15 gained 4 cents and was traded at 82.75 cents. Ukraine-16 gained 2.2 cents and traded at 79.15 cents. The medium-term Ukraine-17, Ukraine-20, and Ukraine-21 gained 1.6 cents on average and were traded at 79.60 cents on average. Ukraine-22 gained 0.4 cents to be traded at 79.88 cents. A combination of supportive events nurtured the Eurobond prices, in our view. The news included the achievement of the agreement on withdrawal of weapons from the conflict zone in eastern Ukraine, the positive assessment of the achievements of the country by the IMF in the execution of the EFF program, together with the announcement of the investors’ presentation by the Ukrainian Finance Ministry.

Read more: Ukraine Fixed Income Weekly (October 5, 2015)

Ukraine Fixed Income Weekly (September 28, 2015)

Eurobonds overview

Last week all Ukraine Eurobonds  gained in prices, save the Ukraine-16 which lost 0.5 cents to be traded at 77 cents. Ukraine-15 remained unchanged at 78.8 cents, whereas Ukraine-23 gained 0.5 points to trade at 77.5 cents. Ukraine-20, Ukraine-21, and Ukraine-22 gained 1 cent on average and were traded at about 78 cents. Ukraine-17 gained 1.6 cents to trade at 78.1 cents. The news about the launch of the restructuring procedure by the government mostly supported the sovereign Eurobonds during the week.

Read more: Ukraine Fixed Income Weekly (September 28, 2015)