Ukraine

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.

The State Export-Import Bank of Ukraine printed its local currency bond on Tuesday, but needed to pay an eye-watering 16.5% coupon to do so.

State Export-Import Bank of Ukraine has opened books on a hryvnia Eurobond with an eye-catching 16% area yield.

Kernel, the Ukrainian grain and sunflower producer, has signed a $100m pre-export finance facility with a syndicate of European banks.

State Export-Import Bank of Ukraine has wrapped up investor meetings for an internationally cleared hryvnia bond with the deal expected to generate plenty of interest.