Issuer Profile

Ukraine ranked 54th globally in terms of GDP and 38th in terms of purchasing power parity GDP in 2012. The country’s nominal GDP stood at $176bn last year, translating into $3,865 per capita. Real GDP growth slowed to 0.2% last year as weak external demand took a toll on the export-oriented economy. We forecast economic growth will remain close to zero in 2013 and recover to +1.5% in 2014.

Bond Information

Issue Volume ($m)1,8221,7801,4091,3841,3551,3391,3291,3181,3073,000
Coupon Rate (% p.a.)7.75%7.75%7.75%7.75%7.75%7.75%7.75%7.75%7.75%7.38%
Coupon FrequencyS/AS/AS/AS/AS/AS/AS/AS/AS/AS/A
Maturity Date9/1/20199/1/20209/1/20219/1/20229/1/20239/1/20249/1/20259/1/20269/1/20279/25/2032
Ratings: Moody's/S&P/FitchCaa2/B-/B-Caa2/B-/B-Caa2/B-/B-Caa2/B-/B-Caa2/B-/B-Caa2/B-/B-Caa2/B-/B-Caa2/B-/B-Caa2/B-/B--/B-/B-
Market Price* ($)102.8103.1103.1101.9101.0100.0099.5099.0098.6293.25
Market YTM*5.47%6.25%6.67%7.23%7.51%7.75%7.84%7.91%7.96%8.21%
Spread over UST*290368393432461484476484489513

Note: *Based on bid price.

Issuer Financials

GDP ($bn)1361631761831339193
GDP per Capita ($)2,9803,5703,8724,2493,1082,1302,192
Total Public Debt ($bn)54.3059.2264.4873.0869.8165.5170.97
Total Public Debt (% GDP)39.93%36.34%36.52%39.87%69.37%79.06%80.90%
Debt to IMF ($bn)16.3016.2112.605.167.6012.5013.50
Ext. Debt w/o IMF ($bn)18.5021.2626.0532.3831.1930.9532.10
Ext. Debt w/o IMF (% exports)26.71%23.93%28.93%39.62%47.67%64.66%69.77%
Debt Service (% state rev.)6.05%7.31%-----
Gross F/X Reserves ($bn)34.5831.8024.5520.407.5313.3015.54
UAH:$ (e-o-p)7.968.048.088.3019.1024.1027.20
UAH:$ (avg.)7.957.998.098.1612.3022.4425.56

Memorandum Terms

Failure to pay 10 days
Cross default €25m
Moratorium on interest and redemption


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