Fixed Income
Ukrainian sovereign Eurobonds saw solid price growth to open the month of April, although market players reported that turnover was low. Benchmark 10-year bonds rose 3.0% to close at 104.4/105.1 (7.2%/7.1%). Among news which supported confidence in the Ukrainian sovereign outlook was an announcement from the National Bank that its foreign currency reserves were steady last month at USD 24.7bn. Medium-term Ukrainian sovereigns with maturity in 2017 added 1.5% to close at 100.5/101.5 (6.6%/6.4%). In quasi-sovereign papers, Naftogaz-14s increased by 0.7% to 103.3/104.0 (7.1%/6.8%). Corporate Eurobonds were mixed, with Avangard-15s decreasing by 0.7% to near par value at 100.0/100.4 (10.0%/9.9%), while MHP-15s edged up 0.6% to 107.9/108.6 (6.1%/5.7%). Among banking names, recently-issued OschadBank-18s added 1.1% to close at 99.1/100.0 (9.1%/8.9%). The KievPrime O/N rate rose by 50 bps to 2.5% and the KievPrime 3M was flat at 10.0%, with interbank rates remaining quite comfortable for t
