Ukraine

Kernel, the Ukrainian grain and sunflower producer, has signed a $200m syndicated loan to refinance a $300m facility from last year, with a longer three year tenor.

Footasylum, the UK sports shoe retailer, plans to float on London’s Alternative Investment Market next month, it said in an intention to float document on Monday.

Ukraine made a barnstorming return to the international bond market this week and extended its curve to 15 years, though the new deal has slipped below reoffer in the secondary market.

Corporate issuer debuts and long awaited sovereign market returns have given emerging market investors an array of trades to look at this week, surprising some who thought they were in for little more than watching the US Federal Open Markets Committee meeting on Wednesday.

Ukraine opened books on its first Eurobond since 2013 on Monday, with the pricing labelled both “attractive” and “silly” by different corners of the market at initial price thought levels.

The EM bond market is primed for trades this week, though syndicate bankers said that there were few names ready to pull the trigger other than Ukraine and the Islamic Development Bank (IDB), which have already hit screens.

US chicken processor Pilgrim’s Pride Corp plans to fund its £1bn buyout of UK peer Moy Park with cash in hand, an extension of its term loans, and a new debt issue to repay a JBS subordinated note.

Ukraine is understood to have picked banks for its first Eurobond since 2013, and following a massive rally of the sovereign’s bonds, its reception in the market is expected to be strong.

Ukrainian loan deals are due to hit the market at lower margins than last year as miniscule interest rates and squeezed bond yields provide a more favourable market for borrowers.

Grain and sunflower oil producer Kernel is in talks with international banks about coming to the market this year with a new syndicated loan.

Investors responded to the news that the International Monetary Fund will likely delay a $1.9bn tranche of its bailout for Ukraine by saying the country has no chance of issuing a bond until the payment clears.

Ukrainian poultry producer MHP this week reaped the rewards of an unsullied history of debt servicing in the form of tight pricing on its first dollar bond for more than four years.