Investors had three Ukrainian corporate bonds to buy this week — the first time there has ever been such a choice, according to Dealogic data. The deals defied a tricky market and political turbulence to pull off strong results.
Naftogaz came first, raising $500m of seven year cash on Monday. Citi was sole lead and set initial price thoughts at 7.875% area. With a book of over $1bn, the spread was set at 7.625%.
One banker away from the deal said: “It looked like a good