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Russia pushes Iran to release its sailor from captured Israeli container ship
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Ukraine’s Finance Ministry has mandated BNP Paribas and Goldman Sachs International as joint lead managers and joint bookrunners to arrange a series of road-shows for a euro-denominated Eurobond issue in London, Frankfurt, Munich and Milan, commencing on June 10.
In addition, a global investor call will take place on June 11 at 14:15 UKT. A euro-denominated Reg S/144A senior unsecured benchmark seven-year offering will follow, subject to market conditions, the ministry said in a statement on June 10.
Alexander Paraschiy at Kyiv-based brokerage Concorde Capital believes that the timing of the new Eurobond placement "looks good" for Ukraine, given that its seven-year, US dollar-denominated Eurobond is priced today at its twelve-month high (yielding slightly below 8.0%).
Euro-denominated bonds trade at a negative spread of 150-200 bps to US dollar bonds, so there is a solid chance for Ukraine to place the new issue at about 7% or below, he added in a note on June 10. "If it's successful, this placement could be supportive for Ukraine’s dollar yield curve, as well as for the country’s fiscal sustainability for the rest of 2019," he wrote.
As bne IntelliNews reported earlier the ministry is planning to issue a total of $4.2bn on the international markets this as part of its debt management plan. Ukraine has a total of $16.1bn of debt to repay or refinance this year.
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