CITKIE pays 2016 Eurobond coupon

CITKIE pays 2016 Eurobond coupon



13 січня 2015 года
Конкорд Капитал

The City of Kyiv (CITKIE) made a USD 14 mln interest payment on its 2016 Eurobonds on Jan. 9, the media relations department of the city’s payment agent, Khreschatyk Bank, reported on Jan.12.



Roman Topolyuk: The city is coping well with the servicing of its dollar-denominated obligations, despite the current market turbulence and steep hryvnia devaluation. Kyiv has another two interest payments on its Eurobonds this year, in May and in June, worth a total of USD 24 mln, before these 2015 notes mature in November.



The 2015 repayment schedule includes USD 250 mln in Eurobonds (UAH 4.3 bln at the ForEx rate of UAH 17/USD) and UAH 5.4 bln in local bonds, totaling UAH 9.7 bln, or 60% of Kyiv’s annual budget revenue. The need to refinance most of Kyiv’s 2015 debt via state support, or from the market, once it reopens, looks unavoidable now.



Meanwhile, we have yet to see the city’s 2015 budget, which might shed some light on its repayment/refinancing plans.

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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