Fixed Income. Ukrainian Sovereigns - A New Chapter
Ukraine is placing an amortized 15y dollar-denominated benchmark-sized Eurobond, which will allow it to attract new financing and swap $1.6 bln of its short-dated debt to longer tenors. We expect the new issue to total at least $2.6 bln (including $1.6 bln in swaps), and we find a spread of 500-525 bps over US Treasuries as justified for the new issue. Given current credit spreads, we would see yield levels of 7.2-7.5% as fair. Our expectations are biased to the lower area of this range.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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