Ukraine

The seizure of three Ukrainian navy ships by Russia on Sunday has sparked civil unrest in Ukraine and driven the tension between the two countries to new heights, wreaking havoc on Ukraine’s capital markets.

Naftogaz and Emirates National Bank of Dubai (ENBD) shelved plans for five year dollar benchmarks this week, thanks to a steep fall in the oil price and what bankers referred to as weak sentiment.

Two emerging market borrowers had to postpone deals this week, thanks to volatility in the market. Naftogaz and Emirates NBD have had to put plans for their five year dollar benchmarks on hold.

Two emerging market borrowers have been forced to postpone planned deals this week, with investors demanding better yields to risk their cash in the volatile market.

Russian giant Gazprom and Ukrainian oil and gas firm Naftogaz, who have been locking horns in court, both chose Tuesday to release price guidance for new Eurobonds. The Gazprom deal will be the first public international bond from a Russian issuer since the US sanctions that shook the market in April. The Naftogaz bond is its first since 2009.

Kernel, the Ukrainian powerhouse producer of sunflower oil and agricultural products, has boosted and extended its $200m pre-export revolving credit facility.

Ukraine raised $2bn with a dual tranche offering on Thursday, returning to capital markets in benchmark size for the first time in more than a year, fresh from its agreement with the International Monetary Fund (IMF).

Ukraine has opened books for a pair of dollar benchmarks, returning to capital markets in benchmark size for the first time in over a year, fresh from its agreement with the IMF.

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.