Облігації

8 грудня 2015 Bonds

Bond Market Insight

Debt restructuring: Ukrainian version

After months of negotiations with bondholders since mid-March of this year, the Ministry of Finance recently finalized the key part of the debt deal. At a successful vote at the bondholders' me ...

ICUDebtInsight-20151208.pdf  (491.4kb)

25 серпня 2015 Bonds

Banking Sector Insight

Overcoming the challenges

The Ukrainian banking sector remains undercapitalized amid the ongoing financial market instability. While there is still a very challenging period ahead, we believe that the Ukrainian banking sector ...

ICUDebtInsight-20150825.pdf  (2.2mb)

10 липня 2015 Bonds

Bond Market Insight

Sensitivity analysis of future public debt

This report provides a projection of what Ukraine’s public debt level might evolve from 2015 through 2025. Assuming ICU's base-case macroeconomic scenario (with a 50% probability) and no external debt ...

ICUDebtInsight-20150710.pdf  (843.1kb)

16 червня 2015 Bonds

Oschadbank

Eurobons reprofiling

As we predicted, Oschadbank’s Eurobond restructuring terms mirror those of Ukreximbank’s. The bank has also presented an offer to the Royal Bank of Scotland to exchange subordinated debt for a new Eur ...

ICUDebtInsight-20150616.pdf  (244.2kb)

9 червня 2015 Bonds

Bond Market Insight

FUIB 1Q15 IFRS financial results

In its 1Q15 IFRS financial results, First Ukrainian International Bank (FUIB) claimed that its loan portfolio suffered little despite the extreme USD/UAH rate fluctuations. Actively engaged in loan ...

ICUDebtInsight-20150609.pdf  (204.7kb)

5 червня 2015 Bonds

Ferrexpo

2016s restructuring may effectively resolve distress risks

Second attempt to restructure remaining 2016s. On May 28, Ferrexpo announced a new consent solicitation for its US$286m in outstanding Eurobonds maturing in 2016. According to the offer, the 20 ...

ICUDebtInsight-20150605.pdf  (359kb)

19 травня 2015 Bonds

Banking Sector Insight

Guided recovery

The Ukrainian banking is close to hitting the bottom of the economic crisis. Net losses of UAH41.9bn in 2014 and UAH80.9bn in 1Q15 alone have wiped out 23.1% of the banks’ overall equity. The IMF has ...

ICUDebtInsight-20150519.pdf  (2.1mb)

22 квітня 2015 Bonds

Ukreximbank

Eurobond restructuring offer

Ukreximbank seeks to extend EXIMUK15 by seven years with no haircut and with a higher coupon rate. As the current proposal is significantly more appealing to the bondholders, the high probability of r ...

ICUDebtInsight-20150422.pdf  (323.1kb)