Ukraine Fixed Income: Market overview and issuer profiles

Ukraine Fixed Income: Market overview and issuer profiles



22 травня 2012 года
Конкорд Капитал

The Ukrainian economy continues to operate in the challenging environment of “no deal with the IMF and no new gas deal with Russia”. That comes amid anemic global commodity markets and undermined investor confidence toward government policies. Yet, Ukraine seems to have been coping with these challenges fairly well thus far, mainly thanks to hefty gains from favorable 2010 and 2011. The high-quality Eurobond issuers are also fairing relatively well amid economic and political turbulence – most of them are well hedged against the risk of reasonable hryvnya depreciation and changes in the political landscape. We recommend the Eurobonds of DTEK (DTEKUA’15), Oschadbank (OSCHAD’16), and FUIB (PUMBUZ’ 14) as our top picks given their current YTMs offer an attractive premium to the sovereign curve. At the same time, we recommend selling Mriya’s (MRIYA’ 16) Eurobond on low quality of earning and high reliance on transactions with related parties.

To view the full report, follow this link and login: http://rs.concorde.ua/research/research/research-reports/?get_file=974.

Источник: Конкорд Капитал

Аналитик: Виталий Ваврищук
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