Fixed Income
Quotes for Ukrainian sovereign Eurobonds saw a correction last week after rallying for nearly a month amid anticipation of Kyiv’s return to the sovereign debt market. Indeed, the placement on Sept 18 of a new USD 3bn 15-year issue at 7.375% seemed to confirm that all the positive sentiments had finally been priced it. About a half of proceeds from the new issue went to refinance part of the county’s outstanding bonds with maturity in 2019 and 2020. A source close to the deal said nearly 400 investors participated in the issuance with orders of around USD 10bn. In political developments, President Poroshenko had a rather low-key meeting with his US counterpart Donald Trump in New York. Poroshenko said Trump pledged to provide defense support to Ukraine, with few details from the talks emerging.
