Fixed Income
Daily
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Mar 30, 2012 PDF
Naftogaz to attract $2bn loan from Gazprombank; gas transit through Ukraine down sharply in March
Ukrainian oil and gas monopoly Naftogaz plans to attract a $2bn 7-year loan from Russian Gazprombank to replenish its gas storage reservoirs. In ot
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Mar 27, 2012 PDF
Naftogaz deputy CEO expects slightly lower gas price in 2Q12, valuation of domestic gas transit system by July
Naftogaz Ukrainy deputy CEO Vadym Chuprun said the price of imported Russian gas for Ukraine would decline slightly in 2Q12 compared to the 1Q12 le
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Feb 03, 2012 PDF
Metinvest — To invest $8bn in Azovstal [Sell; PT $0.146] and MMKI Illicha [Not Rated] by 2020
Metinvest, the largest metals and mining group in Ukraine, has announced plans to invest up to $8bn in its steel mills Azovstal and MMKI Illicha by
Reports
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May 21, 2012 PDF
Ukrainian Bonds: Global Sentiment Widens Spreads
Last week Ukrainian markets were driven by global sentiment and sovereign Eurobonds lost 2-3 points on the back of negative headlines about Greek b
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We recommend buying DTEK 15s which are trading with an attractive 206bp spread to the sovereign curve (11.3% YTM). The company recently reported st
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Ukraine’s 5-year CDS spreads closed 26bp w-o-w wider at 791bp last week (-58pp YTD), in line with CEE credits’ dynamics (CDS for Hungary, Bulgaria,
Eurobonds
| Ukrainian Eurobonds | Price | YTM |
| Sovereign | ||
| Ukraine 2012 | 99.75 | 8.98% |
| Ukraine 2013 | 97.75 | 9.96% |
| Naftogaz Ukrainy 2014 | 95.75 | 11.60% |
| Ukraine 2015 | 92.00 | 9.74% |
| Ukraine 2015 | 85.00 | 10.41% |
| Ukraine 2016 | 88.00 | 9.96% |
| Ukraine 2017 | 85.00 | 12.23% |
| Ukraine 2017 | 86.75 | 9.95% |
| Ukraine 2020 | 87.25 | 10.04% |
| Ukraine 2021 | 87.50 | 10.13% |
| Corporates | ||
| Agroton 14 | 80.00 | 25.10% |
| Avangard 15 | 81.00 | 17.60% |
| DTEK 15 | 94.00 | 11.98% |
| Ferrexpo 16 | 91.50 | 10.60% |
| Interpipe 17 | 70.00 | 19.73% |
| MHP 15 | 93.50 | 12.98% |
| Mriya 16 | 88.00 | 15.16% |
| Metinvest 15 | 96.00 | 11.88% |
| Metinvest 18 | 87.50 | 11.81% |
| Banking | ||
| Alfa Bank Ukr 12 | 100.50 | 10.26% |
| Fin&Credit Bank 14 | 58.00 | 50.51% |
| FUIB 14 | 94.00 | 13.78% |
| Nadra Bank 17 | 50.00 | 44.05% |
| Oschadbank 16 | 84.00 | 13.80% |
| Privatbank 15 | 86.50 | 14.62% |
| Privatbank 16 | 73.00 | 15.66% |
| Ukreximbank 12 | 99.50 | 8.15% |
| Ukreximbank 15 | 90.50 | 12.34% |
| Ukreximbank 16 | 81.00 | 12.32% |
| VAB Bank 14 | 60.00 | 39.91% |
| Munis | ||
| City of Kyiv 12 | 99.00 | 10.33% |
| City of Kyiv 15 | 84.00 | 14.00% |
| City of Kyiv 16 | 84.50 | 14.48% |