Economic Insight-Ukraine: New Eurobonds issue: Funding 1H19 debt repayments is now likely
Last week, the Ministry of Finance of Ukraine successfully placed US$2bn of Eurobonds. As a result, the government should have enough FX funds to repay external debt through May 2019, as we expect the IMF Executive Board to approve the new stand-by agreement with Ukraine this December and IMF-conditioned tranche from the EU and borrowings under the WB guarantee will be received. The yields of the new Eurobonds are slightly higher than the sovereign yield curve, which makes them attractive for investors. Due to political risks, Ukraine's sovereign curve justifiably should remain above those of peers with ratings B/B-, at least until 2020.
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