Ukraine pays USD 505 mln coupon on sovereign Eurobonds

2017/9/6 15:39:35

Analyst: “We still expect Ukraine will be able to get about USD 1 bln loan from the IMF and raise USD 0.5 bln from placement of international Eurobond this year, which will result in USD 18.5 bln in end-2017 gross international reserves (or about 3.7 months of imports).”

 


KYIV, Sep 6, 2017 - Ukraine’s Finance Ministry paid on time, Sept. 1, its semi-annual coupons on nine series of international Eurobonds (UKRAIN), Concorde Capital informed clients in an online advisory. These bonds were issued as part of a USD 15 bln sovereign debt restructuring in late 2015, Interfax-Ukraine reported on Sept. 4, citing the ministry. Total coupon payments amounted to USD 505.4 mln. The ministry itself provided no press release on that. The restructuring's bonds of USD 12.96 bln outstanding mature each year between Sept. 1, 2019 and Sept. 1, 2027 and have a coupon rate of 7.75%.

 

Concorde analyst Alexander Paraschiy added: “There is no surprise in Ukraine’s smooth servicing of its debt. The September coupon will be the key driver of Ukraine’s widening current account deficit for the second half of 2017. Among other large debt repayments (which won’t affect the current account deficit, but will reduce Ukraine’s gross reserves) are about USD 600 mln in local Eurobond repayments and about USD 650 mln in repayments to the IMF, all scheduled for November-December 2017.

 

“We still expect Ukraine will be able to get about USD 1 bln loan from the IMF and raise USD 0.5 bln from placement of international Eurobond this year, which will result in USD 18.5 bln in end-2017 gross international reserves (or about 3.7 months of imports).”

 

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For more information, link here: www.concorde.ua 

 

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