Ukraine

Ukraine has hit screens for a dollar bond, coming hot on the heels of a $3.9bn loan agreement with the IMF.

Ukraine’s ViOil has returned to the market for an $80m loan, with the cooking oil company managing to stretch the tenor of its bank debt from one to three years.

Ukraine sold what Dealogic indicates is its largest international bond in almost a year last week, printing a $725m private placement (PP), easing the country’s cashflow concerns ahead of the expected autumn tranche of International Monetary Fund (IMF) money.

Iron ore firm Ferrexpo has more than doubled the size of its revolving pre export finance facility to $400m and has extended the maturity by an extra year, but lenders say Ukraine’s loan market remains only partially open.

Ukrainian Eurobonds weakened early this week as sentiment waned, despite some progress in an anti-corruption law that is a key condition for the disbursement of the next round of funding from the International Monetary Fund, and as the market contemplated the dismissal of respected finance minister Oleksandr Danylyuk.

Ukrainian steel and mining company Metinvest sold its dual tranche five and eight year bond on Wednesday, but the thin oversubscription and pricing at the wide end of final price guidance have suggested a meagre appetite for hairier bits of emerging market debt.

Ukrainian steel and mining company Metinvest has released initial price guidance for its dual tranche bond, which is bring printed in conjunction with a tender offer for the company’s 2021s.

Three issuers broke the brief new issue hiatus in the CEEMEA market on Thursday, all starting with wide levels to tempt investors into their books.

Ukrainian poultry producer MHP was offering a chunky concession to its own curve on Thursday as it looks to push out its debt maturity profile with a new issue to finance a buy-back of its 2020s.

Ukrainian steel and mining company Metinvest is planning to buy back the complex secured bonds it issued as part of its $2.3bn debt restructuring last year, and will finance the move with a new dual tranche dollar offering.

Ukrainian chicken producer MHP is looking to lock in a lower cost of funds and reduce the cost of its liabilities with a buyback of its 2020s, combined with a new issue.

Ukraine’s DTEK is meeting fixed income investors this week to update investors. The borrower is in the process of restructuring some outstanding bank loans.