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Ukraine/Fixed Income

June 20, 2011

Ukrainian Bonds: Weekly Review


Money Market Trends

Key market data


Last Close

Banking system liquidity remained unchanged, while interest rates

edged up. Banking sector liquidity remained on the same level, while
interest rates rose following new reserve requirements for banks pg. 2

Domes%c Bond Market Overview


The MoF refused to sell bonds at the primary aucon; the secondary

market was at. The MoF did not sell any OVGZs at the primary aucon
on Tuesday, June 7th. Yields on the OVGZ secondary market were le<
unchanged pg. 3
Ample cash balances should oset a rise in borrowing, further reducing

yields. The governments borrowing needs for the upcoming week will be
relavely high (~ UAH 1.4 bn) yet ample cash balances should encourage
the Treasury to test the market once again pg. 4

Eurobond Market Overview


Yields on Ukrainian Eurobonds trend upward; Ukrainian Eurobond pric-

es fell signicantly last week as fears over the possibility of Greeces default shook the market and reduced investors risk appete pg. 6

Change, %
1w
1m

Currency
USD/UAH
EUR/UAH
UAH NDF 1Y
Money market
KievPrime ON
KievPrime 3M
Accounts at NBU
NBU CDs

7.99
11.35
8.55

0.00
-0.13
0.00

0.00
0.00
-0.05

2.50%
5.75%
16.0
16.0

0.32%
0.29%
-2.36
5.6

0.46%
0.57%
-1.08
1.3

4.81%
6.38%
7.35%
6.87%
8.10%
7.30%
7.08%
7.00%
7.10%
7.85%
10.15%

9
22
3
17
7
12
26
32
-30
-8
0

59
41
1
29
11
26
61
80
0
30
25

Yields
Ukraine-13
Ukraine-16
Ukraine-21
Ukreximbank-15
MHP-15
DTEK-15
Metinvest-15
OVGZ 3M
OVGZ 6M
OVGZ 9M
VAT-OVGZ

Source: Bloomberg, NBU, Ministry of Finance

Trade Ideas

Bid

Ask

Source: Ministry of Finance, NRG calculaons

Yuri Tovstenko
y.tovstenko@nrg-capital.com.ua
Dmytro Shevchenko
d.shevchenko@nrg-capital.com.ua

Ukrainian Bonds: Weekly Review

17-Jun

12-Jun

7-Jun

2-Jun

28-May

23-May

18-May

13-May

8-May

10.8%
10.5%
10.2%
9.9%
9.6%
9.3%
9.0%

3-May

Eurobonds market: we recommend to pay a,enon to the new issue


Ukraine-16, which is trading at a premium to the sovereign curve of approximately 37 basis points. We expect the spread to compress signicantly
and possibly disappear in the short-term.

VAT-OVGZ yield dynamics

28-Apr

Domesc bond market: we recommend to buy: a) government bonds with


maturies in March and April 2014 at a yield of 10.10%; b) VAT bonds at a
yield of 10.0%, as these securies oer the highest yield on the market. We
ancipate yields to drop as the banking sector liquidity is restored to its
normal level.

June 20, 2011

Money Markets Monitor


Liquidity in the banking system remained stable, while interest rates
edged up.
The overall liquidity of the banking system (including the banks' holdings of
the NBUs cercates of deposit) stood at UAH 26-28 bn, nearly
unchanged compared to the previous week. At the same me banks
balances on correspondent accounts with the NBU declined to the level of
UAH 16.0-17.5 bn as the NBU issued cercates of deposit in the total
amount of UAH 7.6 bn while redempons remained at a low level.
Figure 1. Banking sector liquidity

The overall level of liquidity in the banking system remained unchanged compared to the previous week

Figure 2. Money market rates, %


9

35

12%

30

10%

8%

25

6%
20

4%

15

2%

10
22-Mar

0%

3
2
1

5-Apr

19-Apr

3-May

17-May

31-May

Banks' balances with Centr. Bank, UAH bn (LS)

0
Jun-10

14-Jun
Kiev overnight (RS)

Aug-10

Oct-10

LIBOR USD 3M

Dec-10

Feb-11

KievPrime 3M

Apr-11

Jun-11

MosPrime USD 3M

Source: Bloomberg

Source: Naonal Bank of Ukraine, Bloomberg

As a result of the stabilizaon of the banking sector liquidity at the level of


UAH 26-28 bn, the interbank interest rates halted their decline - in fact the
overnight interest rate increased slightly to 2.50% from 2.18% a week
earlier, while the weekly rate climbed up to 3.50% from 3.44% over the
same period.

But interest rates on the interbank market


climbed up following an increase in the
reserve requirements for banks

Figure 3. NBU CDs redemp%on schedule, UAH mn


3000

2686

2500
1897

2000

1585
1300

1500

1283

1000

610

601

500

747
530
3

45

22-Jul

29-Jul

5-Aug

300

500

12-Aug

15-Jul

8-Jul

1-Jul

29-Jun

24-Jun

23-Jun

22-Jun

21-Jun

20-Jun

17-Jun

Source: Naonal Bank of Ukraine, NRG calculaons

We expect that a return of the baking sector liquidity to the levels of midMay (UAH 37-40 bn) may be prolonged. Last week, in a rst step towards
restraining inaonary pressures, the Naonal Bank of Ukraine adopted a
resoluon (195), which calls for an increase in the banks reserve
requirements on foreign currency deposits. Eecve from July 1st the
reserve rao on demand deposits and current accounts will rise from 7%
to 8%. The reserve rao on short-term foreign currency deposits is set to
rise from 4% to 6%, whereas the reserve rao for long-term deposits will
decline to 2%. The new resoluon restricts the amount of local
government bonds issued to nance the EURO 2012 infrastructure
projects that may be counted as part of reserves to 50% of the par value of
the government bonds.

Ukrainian Bonds: Weekly Review

Restoraon of the banking sector liquidity


to the levels of mid-May may be prolonged

June 20, 2011

Domestic Bond Monitor


Low demand from banks coupled with small government renancing
needs once again led to a lack of placements of government bonds at the
primary auc%on on Tuesday, June 14th.
The aucon took place against the background of a low level of banking
sector liquidity which led to an extremely low volume of demand from
banks. On the day of the aucon, banks balances on the correspondent
accounts with the NBU declined by 26.1% to UAH 16.0 bn, resulng in
relavely small demand volume of UAH 187.0 mn which is 80.6% lower
compared to the previous week.

Low demand and low government renancing needs lead to lackluster results
at the primary aucon

The short-term 3-month and 9-month T-bills received zero bids owing to
the reluctance of banks to accept the current low of yields on these issues,
as well as due to the need for long-term sources of funds.
Figure 4. State bonds auc%on results
ISIN short

primary primary

Figure 5. Primary auc%on weighted average yields, %


119473

primary

Da ys to ma turi ty

98

273

707

1813

Dema nd, UAH mn

0.0

0.0

25.0

162.0

Number of bi ds

Bi ds a ccepted

0.00%

0.00%

9.30%

12.50%

Hi ghes t bid
Lowes t bi d

0.00%

0.00%

9.00%

11.30%

Cut-off yi el d

0.00%

0.00%

0.00%

0.00%

Wei ghted a vg. yi el d

0.00%

0.00%

0.00%

0.00%

Funds ra is ed, UAHmn

0.0

0.0

0.0

10.5%
10.0%
9.5%
9.0%
8.5%
8.0%
7.5%
7.0%
6.5%
6.0%
5.5%
5.0%
4.5%
0

0.0

Source: Ministry of Finance, NRG calculaons

22-Mar-11

8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38
17-May-11

24-May-11

7-Jun -11

Maturity, m onths

Source: Ministry of Finance, NRG calculaons

However, the yields at which banks were willing to buy 2-year and 5-year
government bonds were far above the levels seen acceptable by the
Ministry of Finance. A total of 2 bids were placed for a the 2-year issue for
mere UAH 25 mn with a yield of 9.0% and 9.30%, which the Treasury
rejected, not willing to sell these securies below the levels of the
previous aucons (9.0%).

The Ministry of Finance connued, albeit


unsuccessfully, to push the market lower, as cash balances on the Treasurys
account remain ample

The largest volume of demand (UAH 162 mn) was concentrated on 5-year
bonds with a preferred yield in the range of 11.30-12.50%, which the
Treasury also rejected.
Figure 6. OVGZ redemp%on/issuance schedule, UAH mn
3500
3000
2500
2000
1500
1000
500

Issuance

8-14 Jul

8-14 Jul

1-7 Jul

24-30 Jun

17-23 Jun

10-16 Jun

3-9 Jun

27 May-2 June

20-26 May

13-19 May

Redemption

Source: Ministry of Finance, NRG calculaons

Ukrainian Bonds: Weekly Review

June 20, 2011


The volume of T-bills maturing next week is UAH 1.37 bn, which increases
the governments renancing needs and thus is expected to improve the
results of the aucon. However, a recent new placement of Eurobonds in
the amount of ~UAH 10 bn and a signicant amount of funds on the
Treasurys Single Account (about UAH 17 bn) could further induce the
Ministry of Finance to lower interest rates at the primary aucon.

The Ministry of Finance remains in a


good posion to force the yields lower...

Secondary market dynamics remain unchanged


The dynamics on the secondary market for government bonds remained
largely unchanged due to the stabilizaon of the overall liquidity of the
banking system yields did not move. It is worth nong only a marginal
increase of 3-5 bps in the yield on government bonds maturing in MarchApril 2014 - these bonds are traded at a yield of about 10.3%. At the same
me yields on the most liquid government issues (the VAT bonds)
remained at 10.15%
We ancipate that the yields on government bonds in the secondary will
remain unchanged in the near future as the NBUs new resoluon designed
to withdraw excess liquidity from the market by raising reserve
requirements takes eect. Starng on July 1st, when the resoluon comes
into force, banks will be forced to increase their required reserves which
should reduce their demand for government bonds and prevent interest
rates from declining. However, we expect interest rates on government
bonds to decline once the liquidity of the banking sector is restored to the
level of UAH 37-40 bn.

We do not foresee interest rates declining signicantly within the next two
weeks due to the increased reserve requirements that should reduce excess
reserves

Figure 7. Government renancing needs (debt repayment


schedule), UAH mn
3 500
3 000
2 500
2 000
1 500
1 000
500
0

Local debt

External debt

* Repayment to be made within 7 days following the aucon date stated above
Source: Ministry of Finance, Bloomberg, NRG calculaons

Ukrainian Bonds: Weekly Review

June 20, 2011


Figure 8. Primary auc%on results
ISIN

Date

Maturity
date

Days to Volume of bids Volume of bids Total volume


maturity submitted, UAH accepted, UAH of issue, UAH

Number of Number of
Highest
bids
bids
bid
submitted accepted

Lowest
bid

Cut-off
Weighted Funds raised,
yield average yield
UAH

UA4000111223

1-Mar-11 5/25/2011

84

30 000 000

30 000 000

5.5%

5.5%

0.0%

0.0%

UA4000110068

1-Mar-11 8/10/2011

161

250 000 000

225 000 000

415 000 000

7.0%

6.7%

6.7%

6.7%

218 504 250

Prima ry

1-Mar-11 2/29/2012

364

105 000 000

UA4000108823

1-Mar-11 1/29/2014

1064

1 263 000 000

UA4000114128 15-Mar-11 9/14/2011

182

730 000 000

3/7/2012

357

1 040 000 000

UA4000108823 15-Mar-11 1/29/2014

1050

1 640 000 000

1 375 000 000 2 705 000 000

UA4000114136

15-Mar-11

9.0%

8.8%

0.0%

0.0%

300 000 000 1 330 000 000

14

12.5%

10.9%

10.9%

10.9%

303 357 000

550 000 000

550 000 000

14

7.3%

6.5%

6.7%

6.7%

532 280 600

1 000 000 000 1 000 000 000

29

27

9.0%

8.0%

8.7%

8.5%

923 895 550

30

23

11.0%

10.7%

10.9%

10.7% 1 399 646 300

UA4000106181 15-Mar-11 7/13/2016

1946

645 000 000

480 000 000

680 000 000

12.5%

9.3%

9.3%

9.3%

UA4000114128 22-Mar-11 9/14/2011

175

110 000 000

60 000 000

610 000 000

6.8%

6.7%

6.7%

6.7%

58 132 800

UA4000114599 22-Mar-11 12/14/2011

266

295 000 000

225 000 000

225 000 000

12

10

8.3%

7.7%

8.0%

7.9%

212 731 950


294 799 830

492 000 000

UA4000107510 22-Mar-11 12/12/2012

630

808 000 000

287 000 000

947 180 000

25

10.0%

9.6%

9.9%

9.8%

UA4000107528 22-Mar-11 7/20/2016

1946

160 000 000

12 600 000

12.5%

12.0%

0.0%

0.0%

UA4000114128 29-Mar-11 9/14/2011

168

205 000 000

610 000 000

7.0%

6.7%

0.0%

0.0%

3/7/2012

343

712 000 000

140 000 000 1 140 000 000

17

8.7%

8.5%

8.5%

8.5%

129 726 800

UA4000115117 29-Mar-11 3/26/2016

1092

730 000 000

100 000 000

100 000 000

19

11.0%

10.8%

10.8%

10.8%

100 000 000

Prima ry 29-Mar-11 3/16/2016

1813

40 000 000

13.0%

12.5%

0.0%

0.0%

7/6/2011

91

30 000 000

5.8%

5.8%

0.0%

0.0%

30 000 000

UA4000114136

Prima ry

29-Mar-11

5-Apr-11

UA4000114599

5-Apr-11 12/14/2011

252

725 000 000

225 000 000

13

8.0%

7.8%

7.8%

7.8%

28 476 300

UA4000107510

5-Apr-11 12/12/2011

616

893 000 000

197 000 000 1 144 180 000

27

10.0%

9.6%

9.6%

9.6%

203 705 880

100 000 000

UA4000116297

12-Apr-11 10/12/2011

182

300 000 000

100 000 000

7.3%

6.5%

6.5%

6.5%

96 861 000

UA4000114136

12-Apr-11

3/7/2012

329

1 020 000 000

300 000 000 1 440 000 000

23

8.5%

8.0%

8.0%

8.0%

279 990 000

UA4000115117

12-Apr-11 3/26/2014

1078

2 033 500 000

359 000 000

459 000 000

42

12

10.9%

10.5%

10.5%

10.5%

363 132 090

UA4000107528

12-Apr-11 7/20/2016

1925

35 000 000

12 600 000

12.5%

12.3%

0.0%

0.0%

Prima ry

19-Apr-11 7/20/2011

91

277 000 000

6.0%

5.3%

0.0%

0.0%

UA4000114599

19-Apr-11 12/14/2011

238

1 190 000 000

1 110 000 000 1 365 000 000

35

33

7.8%

6.9%

7.5%

7.4% 1 059 193 600

1 580 000 000 1 580 000 000

UA4000116974

19-Apr-11 4/17/2013

728

1 880 000 000

47

37

9.8%

8.9%

9.4%

9.2% 1 580 000 800

UA4000106181

19-Apr-11 7/13/2016

1911

720 000 000

680 000 000

20

9.3%

9.0%

0.0%

0.0%

UA4000116297

26-Apr-11 10/12/2011

168

255 000 000

140 000 000

240 000 000

7.0%

6.5%

6.5%

6.5%

135 933 000

Prima ry

26-Apr-11 4/25/2012

364

945 000 000

22

8.4%

7.8%

0.0%

0.0%

UA4000115117

26-Apr-11 3/26/2014

1064

1 196 000 000

1 066 000 000 1 525 000 000

32

29

11.0%

10.2%

10.5%

UA4000110068 10-Ma y-11 8/10/2011

91

350 000 000

415 000 000

5.5%

5.0%

0.0%

0.0%

8/2/2012

273

292 000 000

11

7.8%

7.4%

0.0%

0.0%

UA4000116974 10-Ma y-11 4/17/2013

707

1 163 000 000

560 000 000 2 140 000 000

27

9.4%

9.3%

9.3%

9.3%

562 828 000

UA4000106181 10-Ma y-11 7/13/2016

1890

740 000 000

680 000 000

9.2%

9.0%

0.0%

0.0%

UA4000116297 17-Ma y-11 10/12/2011

147

200 000 000

30 000 000

270 000 000

6.6%

6.0%

6.0%

6.0%

29 292 300

15

8.0%

7.5%

0.0%

0.0%

1 046 500 000 1 046 500 000

44

21

10.7%

10.0%

10.2%

Prima ry 10-Ma y-11

Prima ry 17-Ma y-11 5/16/2012

364

477 000 000

UA4000118871 17-Ma y-11 4/30/2014

1078

1 516 500 000

10.4% 1 084 094 420


0

10.3% 1 050 489 540

5/4/2016

1813

840 000 000

12.5%

12.0%

0.0%

0.0%

UA4000110068 24-Ma y-11 8/10/2011

77

20 000 000

20 000 000

435 000 000

4.8%

4.8%

4.8%

4.8%

19 801 600

Prima ry 24-Ma y-11 2/15/2012

266

462 000 000

8.3%

7.3%

0.0%

0.0%

UA4000119473 24-Ma y-11 5/22/2015

728

810 000 000

525 000 000

525 000 000

19

9.5%

9.0%

9.0%

9.0%

525 000 000


0

Prima ry 17-Ma y-11

UA4000107528 to
24-Ma
y-11 7/20/2016
1883following
20 000the
000 aucon date
0 stated
12 600above
000
* Repayment
be made
within 7 days

12.5%

12.0%

0.0%

0.0%

Prima ry 31-Ma y-11 11/30/2011

182

50 000 000

9.0%

9.0%

0.0%

0.0%

Prima ry 31-Ma y-11 2/29/2012

273

92 000 000

9.4%

7.8%

0.0%

0.0%

UA4000119473 31-Ma y-11 5/22/2013

721

341 300 000

525 000 000

12.0%

9.5%

0.0%

0.0%

7-Jun-11 12/7/2011

182

50 000 000

9.0%

9.0%

0.0%

0.0%

6/6/2012

364

297 000 000

145 000 000

145 000 000

9.5%

8.0%

8.0%

8.0%

134 375 850

UA4000118871

7-Jun-11 4/30/2014

1057

617 000 000

347 000 000 1 393 500 000

16

10.5%

10.1%

10.1%

10.1%

350 570 630

Prima ry

14-Jun-11 9/21/2011

98

0.0%

0.0%

0.0%

0.0%

Prima ry

14-Jun-11 3/14/2012

273

0.0%

0.0%

0.0%

0.0%

UA4000119473

14-Jun-11 5/22/2013

707

25 000 000

525 000 000

9.3%

9.0%

0.0%

0.0%

6/1/2016

1813

162 000 000

12.5%

11.3%

0.0%

0.0%

Prima ry
UA4000120794

Prima ry

7-Jun-11

14-Jun-11

Source: Ministry of Finance, Bloomberg, NRG calculaons

Ukrainian Bonds: Weekly Review

June 20, 2011


Figure 9. Local currency bonds
ISIN

Issuer

Rating

Exchange listing

UA4000076780
Ministry of Finance
UA4000110068
Ministry of Finance
UA3B00022509
Ministry of Finance
UA4000062012
Ministry of Finance
UA4000048219
Ministry of Finance
UA4000064893
Ministry of Finance
UA4000053912
Ministry of Finance
UA4000101018
Ministry of Finance
UA4000063564
Ministry of Finance
UA4000061451
Ministry of Finance
UA4000063192
Ministry of Finance
UA4000107510
Ministry of Finance
UA4000064018
Ministry of Finance
UA4000065429
Ministry of Finance
UA4000116974
Ministry of Finance
UA4000108823
Ministry of Finance
UA4000118871
Ministry of Finance
UA4000082531 (VAT-2) Ministry of Finance
UA4000082622 (VAT-3) Ministry of Finance
UA4000083059 (VAT-4) Ministry of Finance
UA4000110613
Ukrtelecom, 2-L
uaA (Credit Rating)
Globinskiy myas., 1-A
UA4000026173
uaA/ (Credit Rating)
Galychina, 1-D uaBB/( Credit Rating)
UA4000075857
Hlebprom, 1-E
UA4000111462
In progress
UA4000019657
Hreschatyk, 1-F
BBB-(ukr) (Fitch)
UA4000105852
Sberbank of Russia,
Aa1.ua (Moodys)
UA4000019681
Hreschatyk, 1-G
BBB-(ukr) (Fitch)
UA4000029490
Oschadbank, 1-B
Aa1.ua (Moodys)
UA4000107239
Prominvestbank, 1-B
Aa1.ua (Moodys)
UA4000029425
Alfa Bank, 1-H
Baa3.ua (Moodys)
UA4000019699
Hreschatyk, 1-H
BBB-(ukr) (Fitch)
UA4000091805
Platinum Bank, 2-A
uaA (Credit Rating)
UA4000095525
Akta Bank, 1-
uaBBB+ ()
UA4000088462
Business Standard uaBBB- (Credit Rating)
UA4000109425
Credit Dnepr, 1-F
Baa3.ua (Moodys)
UA4000104053
Megabank, 1-G
uaA- (Credit Rating)
UA4000114433
Business Standard
In progress

UX:2
PFTS: 2 / UX: 0
PFTS: 2
PFTS: 2 / UX: 0
UX: 0
PFTS: 0 / UX: 0
PFTS: 2 / UX: 0
PFTS: 2
PFTS: 0
PFTS: 0 / UX: 0
PFTS: 0 / UX: 2
PFTS: 2
PFTS: 2
PFTS: 0
UX: 2
PFTS: 0

Maturity
7/27/2011
8/10/2011
9/28/2011
11/23/2011
2/22/2012
3/21/2012
4/11/2012
6/13/2012
9/12/2012
10/31/2012
12/5/2012
12/12/2012
2/20/2013
3/27/2013
4/17/2013
1/29/2014
4/30/2014
8/21/2015
8/24/2015
8/25/2015
2/14/2012
12/5/2012
7/23/2013
2/23/2016
9/24/2012
1/18/2013
1/24/2013
2/7/2013
2/25/2013
3/14/2013
5/25/2013
11/4/2013
12/9/2013
9/24/2015
1/22/2016
2/8/2016
3/17/2016

Mod.
Months
Issue
Put option YTM (Mid) duration,
to
volume,
years
maturity UAH mn
0.1
1.2
6.7%
0.1
1.6
6.7%
0.3
3.3
7.0%
0.4
5.1
7.1%
0.6
8.2
7.8%
0.7
9.1
7.9%
0.7
9.8
7.8%
0.9
11.9
8.1%
1.1
14.9
8.8%
1.2
16.6
8.9%
1.3
17.7
9.1%
1.3
18.0
9.1%
1.4
20.3
9.2%
1.5
21.5
9.2%
1.6
22.2
9.4%
2.1
31.7
10.2%
2.4
34.8
10.3%
1.9
50.7
10.2%
1.9
50.8
10.2%
1.9
50.8
10.2%
0.6
7.9
250
14.0%
12/7/2011
1.3
17.7
50
13.5%
7/26/2011
1.7
25.4
45
16.0%
2/28/2012
3.2
56.9
50
15.0%
9/26/2011
1.1
15.3
100
11.5%
1.4
19.2
750
11.7%
10/27/2011
1.4
19.4
140
11.5%
1.4
19.9
200
10.5%
1.5
20.5
500
12.0%
3/15/2012
1.5
21.0
195
12.0%
1.6
23.4
200
11/26/2011
11.5%
5/7/2012
1.9
28.9
100
13.0%
12/12/2011
2.0
30.0
30
15.0%
9/29/2011
3.0
51.8
100
12.0%
1/26/2012
3.1
55.8
100
13.5%
2/7/2012
3.3
56.4
50
14.0%
3/22/2012
3.2
57.7
100
15.5%

Source: Cbonds, NRG calculaons

Figure 10. Local currency bonds yield map


18%
Bus iness Standard Bank,
1-C

*16%
Repayment to be made within 7 days following the auconGa
date
stated
lychina,
1-Dabove
Ukrtelecom, 2-L

14%

Globinskiy
mya s okombinat, 1-A

Akta Ba nk, 1-
Mega bank, 1-G
Pla tinum Bank, 2-A

12%

Prominvestbank, 1-B
Hres chatyk, 1-H
Sberbank of Russia,

10%

Os cha dbank, 1-B

Credit Dnepr, 1-F

VAT-bonds
OVGZ yield curve

8%

Source: Ministry of Finance, Bloomberg, NRG calculaons

6%
4%
0.0

0.5

1.0

Ukrainian Bonds: Weekly Review

1.5

2.0

2.5

3.0

3.5

June 20, 2011


Figure 11. Outstanding local government bonds
ISIN

Volume of issue

Type of bonds

Maturity date

Coupon

Coupon
frequency

655 000 000

Zero-coupon

UA4000105423

1 350 000 000

Zero-coupon

13-Jul -11

0.00%

UA4000076780

2 809 500 000

Zero-coupon

27-Jul -11

0.00%

UA4000086300

22-Jun-11

0.00%

UA4000110068

415 000 000

Zero-coupon

10-Aug-11

0.00%

UA4000083075

956 500 000

Zero-coupon

31-Aug-11

0.00%

UA4000064802

800 000 000

Coupon

14-Sep-11

11.00%

UA4000114128

610 000 000

Zero-coupon

14-Sep-11

0.00%

UA3B00022509

4 502 000 000

Coupon

28-Sep-11

9.50%

UA4000061089

381 775 000

Coupon

12-Oct-11

25.14%

UA4000116297

100 000 000

Zero-coupon

12-Oct-11

0.00%

UA4000107502

1 460 000 000

Zero-coupon

26-Oct-11

0.00%

UA4000062012

1 390 800 000

Coupon

23-Nov-11

20.00%

UA4000114599

225 000 000

Zero-coupon

14-Dec-11

0.00%

UA4000048219

2 904 000 000

Coupon

22-Feb-12

15.60%

UA4000114136

1 140 000 000

Zero-coupon

7-Mar-12

0.00%

UA4000064810

800 000 000

Coupon

14-Mar-12

11.00%

UA4000064893

1 858 088 000

Coupon

21-Mar-12

13.00%

UA4000053920

700 000 000

Coupon

4-Apr-12

15.70%

UA4000053912

1 390 880 000

Coupon

11-Apr-12

15.70%

UA4000120794

145 000 000

Zero-coupon

6-Jun-12

0.00%

UA4000101018

1 000 000 000

Coupon

13-Jun-12

10.00%

UA4000063564

2 201 170 000

Coupon

12-Sep-12

20.00%

UA4000060883

1 169 840 000

Coupon

26-Sep-12

20.00%

UA4000063184

1 598 269 000

Coupon

17-Oct-12

9.95%

UA4000061451

1 417 840 000

Coupon

31-Oct-12

20.00%

UA4000063192

1 598 270 000

Coupon

5-Dec-12

9.95%

UA4000107510

947 180 000

Coupon

12-Dec-12

9.86%

UA4000103063

1 000 000 000

Coupon

19-Dec-12

10.10%

UA4000064018

971 000 000

Coupon

20-Feb-13

20.00%

UA4000065221

1 404 280 000

Coupon

20-Mar-13

15.00%

UA4000065429

334 900 000

Coupon

27-Mar-13

14.50%

UA4000116974

1 580 000 000

Coupon

17-Apr-13

9.24%

UA4000119473

525 000 000

Coupon

22-May-13

9.00%

UA4000066195

1 007 000 000

Coupon

17-Jul -13

13.00%

UA4000081202

949 500 000

Coupon

7-Aug-13

12.00%

UA4000066880

1 403 165 000

Coupon

4-Sep-13

12.50%

UA4000079891

76 000 000

Coupon

25-Sep-13

12.00%

UA4000048508

745 002 000

Coupon

23-Oct-13

12.00%

6-Nov-13

12.00%

2
2

UA4000048391
415 001Bloomberg,
000
Source:
Ministry of Finance,
NRGCoupon
calculaons
UA4000108823

2 705 000 000

Coupon

29-Jan-14

10.97%

UA4000115117

100 000 000

Coupon

26-Mar-14

10.75%

UA4000118871

1 046 500 000

Coupon

30-Apr-14

10.13%

UA4000051403

1 000 000 000

Coupon

14-May-14

15.60%

UA4000063200

1 598 269 000

Coupon

11-Jun-14

9.75%

UA4000063218

1 598 270 000

Coupon

12-Nov-14

9.75%

UA4000063226

1 598 270 000

Coupon

17-Dec-14

9.75%

UA4000064026

1 000 000

Coupon

21-Jan-15

18.50%

UA4000064166

451 875 000

Coupon

28-Jan-15

15.00%

UA4000092100

500 000 000

Coupon

18-Mar-15

9.50%

UA4000078141

48 453 000

Coupon

27-Jul -15

5.50%

UA4000082531

2 047 815 000

Coupon

21-Aug-15

5.50%

UA4000082622

8 304 873 000

Coupon

24-Aug-15

5.50%

UA4000083059

6 041 548 000

Coupon

25-Aug-15

5.50%

Ukrainian Bonds: Weekly Review

June 20, 2011


Figure 11. Outstanding local government bonds (con%nued)
ISIN

Volume of issue

Type of bonds

Maturity date

Coupon

Coupon
frequency

UA4000048789

2 000 000 000

Coupon

18-Nov-15

9.50%

UA4000050090

4 000 000 000

Coupon

16-Dec-15

9.50%

UA4000092118

1 500 000 000

Coupon

17-Feb-16

9.50%

UA4000050199

3 885 000 000

Coupon

13-Apr-16

9.50%

UA4000050017

3 700 000 000

Coupon

15-Jun-16

9.50%

UA4000092126

1 500 000 000

Coupon

29-Jun-16

9.50%

UA4000092134

1 500 000 000

Coupon

13-Jul-16

9.50%

UA4000106181

680 000 000

Coupon

13-Jul-16

9.50%

UA4000107528

12 600 000

Coupon

20-Jul-16

12.50%

UA4000050207

3 885 000 000

Coupon

14-Sep-16

9.50%

UA4000092142

1 200 000 000

Coupon

12-Apr-17

9.50%

UA4000057111

1 033 333 000

Coupon

31-May-17

9.50%

UA4000057277

1 188 431 000

Coupon

7-Jun-17

9.50%

UA4000057301

936 171 000

Coupon

14-Jun-17

9.50%

UA4000058606

3 100 000 000

Coupon

19-Jul-17

9.50%

UA4000092167

1 200 000 000

Coupon

23-Aug-17

9.50%

2
2

UA4000058614

1 658 263 000

Coupon

4-Oct-17

9.50%

UA4000061790

1 400 000 000

Coupon

28-Ma r-18

9.50%

UA4000055586

1 000 000 000

Coupon

9-May-18

9.50%

UA4000057319

936 172 000

Coupon

30-May-18

9.50%

UA4000057129

1 033 333 000

Coupon

6-Jun-18

9.50%

UA4000057285

1 188 431 000

Coupon

13-Jun-18

9.50%

UA4000058622

3 100 000 000

Coupon

18-Jul-18

9.50%

UA4000062525

650 000 000

Coupon

12-Sep-18

9.50%

UA4000058630

1 355 345 000

Coupon

3-Oct-18

9.50%

UA4000059323

1 000 000 000

Coupon

31-Oct-18

9.50%

UA4000059353

1 000 000 000

Coupon

31-Oct-18

9.50%

UA4000064307

1 000 000 000

Coupon

21-Nov-18

9.50%

UA4000061808

1 400 000 000

Coupon

6-Feb-19

9.50%

UA4000064315

1 294 999 000

Coupon

13-Ma r-19

9.50%

2
2

UA4000058648

1 933 060 000

Coupon

3-Apr-19

9.50%

UA4000057293

1 188 432 000

Coupon

29-May-19

9.50%

UA4000057327

936 172 000

Coupon

5-Jun-19

9.50%

UA4000057137

1 033 334 000

Coupon

12-Jun-19

9.50%

UA4000058655

3 100 000 000

Coupon

17-Jul-19

9.50%

UA4000064323

1 000 000 000

Coupon

17-Jul-19

9.50%

UA4000063119

1 276 191 000

Coupon

21-Aug-19

9.50%

UA4000064349

1 295 000 000

Coupon

25-Sep-19

9.50%

UA4000064117

900 000 000

Coupon

16-Oct-19

9.50%

UA4000064125

900 000 000

Coupon

20-Nov-19

9.50%

UA4000063010

950 000 000

Coupon

11-Ma r-20

9.50%

UA4000061816

1 400 000 000

Coupon

15-Apr-20

9.50%

UA4000063127

1 500 000 000

Coupon

17-Jun-20

9.50%

UA4000063028

949 981 000

Coupon

12-Aug-20

9.50%

UA4000061824

1 400 000 000

Coupon

4-Nov-20

9.50%

UA4000063135

1 500 000 000

Coupon

9-Jun-21

9.50%

UA4000063143

1 500 000 000

Coupon

1-Jun-22

9.50%

Source: Ministry of Finance, NRG calculaons

Ukrainian Bonds: Weekly Review

June 20, 2011

Eurobonds Monitor
Ukrainian Eurobonds came under pressure last week as fears over a
fallout from the Greek debt crisis weighed on the bond markets.
Uncertainty over the resoluon of the debt crisis in Greece once again
stoked fears of an increasingly probable default and connued to weigh on
bond markets, taking a toll on Ukrainian Eurobonds. As a result, the 5-year
CDS rates on Ukraine rose by 2.4 basis points to 460.4 bps, while the yield
on Ukraine-12 rose by 28 basis points to 3.84%, the YTM on Ukraine-17
increased by 24 basis points to 6.65%, and yield on Ukraine-16 climbed by
22 bps to .

Greek debt crisis connues to ba9er the


markets

The new issue Ukraine-16 (2) is now trading at 99.5% of par with a yield of
6.37%. The rise in yield was primarily due to the negave dynamics of the
market, and we see a potenal for price appreciaon with a reducon of
volality on the world bond markets.
Figure 12. Top and BoFom Performers, YTM

Figure 13. 5Y CDS Dynamics


2 500

Kiev-11
Ukraine-12

2 000

MHP-11
Ferrexpo-16

Kiev-12

1 500

Avangard-15

1 000

VAB-14

500

FUIB-14
Ukrexim-16

F&C-14
Jun-10

-1.0 -0.5 0.0 0.5

0.0

0.5

1.0

Aug-10

Oct-10

Ukraine
Italy

1.5

Source: Bloomberg, NRG Calculaons

Dec-10

Feb-11

Apr-11

Russia
Argentina

Jun-11

Kazakhstan
Greece

Source: Bloomberg

The yield on issues of the corporate segment followed the sovereigns. The
weeks worst performers Vanguard-15 (yield rose by 32 bps to 10.45%);
Ferrexpo-16 (yield increased by 32 bps to 7.33%, and Menvest-15 (YTM
rose by 26 basis points to 8.7%) .
Last week, the city of Kiev began a road show of Eurobonds for a total
amount of USD 300 mn. Kiev authories intend to raise funds at 7.8% for a
5-year tenor. A large part of the proceeds of the issue (USD 200 mn) will
be spent on the repayment of the maturing loan, while the remaining
funds (USD 100 mn) will be directed towards nancing of socio-economic
Figure 14. YTM of Ukrainian Sovereign Eurobonds, %

Figure 15. YTM of Ukrainian non-sovereign Eurobonds, %


16

10

14

12
10

8
6

2
0
Jun-10

2
0
Jun-10

Aug-10

Oct-10

Ukraine-12

Dec-10
Ukraine-15

Source: Bloomberg

Ukrainian Bonds: Weekly Review

Feb-11

Apr-11

Jun-11

Aug-10
Kyiv-12

Oct-10

Dec-10

Alfa Bank-12

Feb-11
MHP-15

Apr-11

Jun-11

Ukreximbank-16

Ukraine-17

Source: Bloomberg

June 20, 2011


development programs in Kiev. The City of Kiev is scheduled to repay a
maturing Eurobond in the total amount of USD 200 mn, issued in 2004 at
8.625% per annum. Fitch Rangs agency assigned the upcoming bond
issue a long-term foreign currency rang "B-(exp)", while Moody's
assigned "B2" / forecast "Stable".
Figure 16. Ukrainian Eurobonds weekly dynamics
0.30
Ukraine-12
0.25
Ukraine-17
Ukraine-16

YTM, %

0.20
Ukraine-15
0.15
0.10

Ukraine-13

0.05
Ukraine-20
Ukraine-21
0.00
0.0

1.0

2.0

3.0
4.0
Modified duration, years

Source: Bloomberg, NRG Calculaons

Ukrainian Bonds: Weekly Review

5.0

6.0

7.0

June 20, 2011


Figure 17. Ukrainian Eurobonds yield map
18%

VAB-14

16%
F&C-14
14%

Interpipe-17

12%

YTM, %

Mriya-16
Avangard-15

10%

FUIB-14
Alfa Bank-12

Privatbank-16

MHP-15Privatbank-15

8%
DTEK-15
Kiev-12

Ukreximbank-15
Ukraine-15

Naftogaz-14

Privatbank-12
6%

Kiev-15

Ukreximbank-16
Oschadbank-16
Ferrexpo-16
Metinvest-15

Metinvest-18
Ukrinf-17

Ukrinf-18

Ukraine-21

Ukraine-15**

Ukraine-20

Ukraine-16

Ukraine-17

Ukraine-16-2

Ukreximbank-12
Ukraine-13
MHP-11
Ukrsibbank-11
Ukreximbank-11

4%

Ukraine-12

Ukrsibbank-11
2%
Kiev-11

0%
0

3
Modified duration, years

Source: Bloomberg, NRG Calculaons

Ukrainian Bonds: Weekly Review

June 20, 2011


Figure 18. Ukrainian Eurobonds
Rating

Mod.
duration,
years

ISIN

Ukraine-12

B2/B+/B

0.9

Ukraine-13

B2/B+/B

1.8

Ukraine-15**

B2/B+/B

3.7

Issue

Spread to
spread, Fair spread,
sovereign
bps
bps
curve, bps

Volume,
USD mln

Coupon*

Maturity

Price (Bid)

Price (Ask)

Price (Mid)

YTM (Bid)

YTM (Ask)

YTM (Mid)

XS0305394941

500

6.39%

6/26/2012

102.0

103.0

102.5

4.3%

3.39%

3.8%

-39

-39

XS0170177306

1000

7.65%

6/11/2013

105.1

105.4

105.3

4.9%

4.73%

4.8%

16

16

XS0232329879

600

4.95%

10/13/2015

92.3

92.7

92.3

7.1%

6.96%

7.1%

138

113

25

Ukraine-15

B2/B+/B

3.6

XS0543783434

500

6.88%

9/23/2015

102.9

103.7

103.3

6.1%

5.87%

6.0%

36

36

Ukraine-16

B2/B+/B

4.5

XS0276053112

1000

6.58%

11/21/2016

100.7

101.1

100.9

6.4%

6.34%

6.4%

20

20

Ukraine-16-2

B2/B+/B

4.2

XS0638552942

1250

6.25%

6/17/2016

99.1

99.9

99.5

6.5%

6.28%

6.4%

36

36

Ukraine-17

B2/B+/B

5.1

XS0330776617

700

6.75%

11/14/2017

100.1

100.9

100.5

6.7%

6.57%

6.6%

Ukraine-20

B2/B+/B

6.5

XS0543783194

1500

7.75%

9/23/2020

103.1

103.8

103.5

7.3%

7.17%

7.2%

-41

-41

B2/B+/B

6.5

XS0594390816

1500

7.95%

1/23/2021

103.7

104.4

104.1

7.4%

7.30%

7.4%

-31

-31

B2/CCC+/B-

0.1

XS0197093965

200

8.63%

7/15/2011

100.0

100.8

100.4

7.7%

-4.22%

1.7%

-215

-365

150

Ukraine-21
Kiev-11
Kiev-12

B2/CCC+/B-

1.3

XS0332748077

250

8.25%

11/26/2012

101.1

102.6

101.9

7.4%

6.29%

6.9%

244

44

200

Kiev-15

B2/CCC+/B-

3.6

XS0233620235

250

8.00%

11/6/2015

97.0

99.1

98.1

8.8%

8.24%

8.5%

293

68

225

Ukreximbank-11

B1/NR/B

0.2

XS0267147881

500

7.65%

9/7/2011

100.5

101.0

100.8

4.9%

2.84%

3.9%

-4

-54

50

Ukreximbank-12

B1/NR/B

1.2

XS0230955642

250

6.80%

10/4/2012

101.9

102.5

102.2

5.3%

4.78%

5.0%

67

-8

75

Ukreximbank-15

B1/NR/B

3.2

XS0503737461

500

8.38%

4/27/2015

104.7

105.3

105.0

6.9%

6.80%

6.9%

147

72

75

Ukreximbank-16

B1/NR/CCC

3.7

XS0243733127

125

8.40%

2/9/2016

92.6

93.5

93.0

7.7%

7.48%

7.6%

192

67

125

Oschadbank-16

B2/NR/B

3.8

XS0594294695

500

8.25%

3/10/2016

101.7

102.3

102.0

7.8%

7.64%

7.7%

200

100

100

Naftogaz-14

NR/NR/B

2.8

XS045920712

1595

9.50%

9/30/2014

109.4

109.9

109.6

6.3%

6.12%

6.2%

105

80

25

Ukrinf-17

B2/NR/NR

4.9

XS0556327822

568

8.38%

11/3/2017

104.3

105.6

104.9

7.5%

7.26%

7.4%

95

70

25

Ukrinf-18

B2/NR/NR

5.2

XS0619856460

690

7.40%

4/20/2018

98.6

99.1

98.8

7.7%

7.57%

7.6%

94

69

25
50

Ukrsibbank-11

B1/NR/B

0.1

XS0377629547

250

9.25%

8/4/2011

100.6

101.0

100.8

4.3%

0.7%

2.5%

-137

-187

Ukrsibbank-11

B1/NR/B

0.5

XS0278743710

500

7.75%

12/21/2011

101.5

102.1

101.8

4.6%

3.4%

4.0%

-3

-53

50

Privatbank-12

B1/NR/B

0.6

XS0285182266

500

8.00%

2/6/2012

100.9

101.4

101.2

6.5%

5.7%

6.1%

198

98

100

Privatbank-15

B1/NR/B

3.4

XS0543744535

200

9.38%

9/23/2015

103.0

103.6

103.3

8.5%

8.3%

8.4%

293

168

125

Privatbank-16

B1/NR/NR

3.6

XS0242939394

150

8.75%

2/9/2016

86.8

88.2

87.5

9.4%

9.0%

9.2%

354

154

200

Alfa Bank Ukraine-12*** NR/B-/NR

1.0

XS0441089926

841

13.00%

7/30/2012

103.9

104.4

104.1

9.2%

8.77%

9.0%

474

274

200

Finance & Credit-14

2.1

XS0275465879

100

10.50%

1/25/2014

89.5

91.9

90.7

15.6%

14.3%

14.9%

1016

366

650
350

Caa1/NR/NR
B2/NR/NR

2.8

XS0287015787

275

11.00%

12/31/2014

104.6

105.4

105.0

9.4%

9.2%

9.3%

412

62

VAB-14

Caa1/NR/WD

2.4

XS0303241615

125

10.50%

6/14/2014

85.0

89.0

87.0

17.0%

15.15%

16.1%

1114

414

700

MHP-11

B3/NR/B

0.4

USL6366MAA10

250

10.25%

11/30/2011

102.4

103.3

102.8

4.7%

2.7%

3.7%

-29

-154

125

MHP-15

B3/NR/B

3.1

USL6366MAB92

585

10.25%

4/29/2015

106.7

107.3

107.0

8.2%

8.0%

8.1%

275

125

150

Avangard-15

NR/NR/B

3.4

XS0553088708

200

10.00%

10/29/2015

98.0

98.9

98.4

10.6%

10.3%

10.4%

494

94

400

FUIB-14***

NR/B/B-

3.6

XS0559140875

250

10.95%

3/30/2016

101.1

101.7

101.4

10.6%

10.5%

10.6%

496

46

450

NR/NR/NR

4.1

XS0310283709

200

10.25%

8/2/2017

88.0

91.2

89.6

13.2%

12.3%

12.8%

679

179

500

DTEK-15

B2/NR/B

3.2

USN2800PAA59

500

9.50%

4/28/2015

106.9

107.6

107.3

7.4%

7.2%

7.3%

192

92

100

Metinvest-15

B2/NR/B

3.2

XS0511379066

500

10.25%

5/20/2015

110.3

111.0

110.7

7.2%

7.0%

7.1%

168

68

100

Metinvest-18

B2/NR/B

4.9

XS0591549232

750

8.75%

2/14/2018

104.5

105.1

104.8

7.9%

7.8%

7.8%

136

36

100

Ferrexpo-16

B3/B+/B

3.9

XS0614325586

500

7.88%

4/7/2016

101.8

102.5

102.2

7.4%

7.24%

7.3%

153

53

100

Mriya-16
Interpipe-17

*S/A Coupon **The issue is EUR nominated with annual coupon ***Quarter coupon; **** the issue is UAH-denominated

Source: Bloomberg, NRG calculaons

Ukrainian Bonds: Weekly Review

June 20, 2011


Figure 19. Credit metrics of Ukrainian companies
ST Debt/
EBITDA
Net debt/
LT debt Net debt
margin, %
EBITDA (x)
(x)
MHP
MHPSA Agriculture
1Q2011
991.0
332.0
33.5
0.3
713.6
2.1
Mriya Agro Holding MRIYA
Agriculture
1Q2011
310.0
179.0
57.7
2.5
67.5
0.1
Avangard
AVINPU Consumer goods 4Q2010
439.7
167.4
38.1
0.2
103.9
0.6
Metinvest
METINV Metals
3Q2010
8 443.0
2 028.0
24.0
0.5
2 298.0
1.1
Ferrexpo
FXPOLN Metals
4Q2010
1 294.9
579.8
44.8
0.1
104.4
0.2
DTEK
DTEKUA Coal
4Q2010
3 057.9
730.9
23.9
0.3
553.9
0.8
Naftogaz of Ukraine NAFTO
Oil & Gas
4Q2009
8 157.0
-1 112.2
neg.
2.1
5 026.1
Neg.
Notes: Data in the table is are based on LTM (Last 12 months); Int.exp. - interest expense; ST - Short-term; LT - Long-term
Sources: Bloomberg, Company data, NRG calculations
Issuer

Ticker

Sector

Filing

Revenues

EBITDA

EBITDA/
Int.exp.
5.5
6.2
7.1
17.5
22.8
12.7
Neg.

Debt/
equity
(x)
1.2
0.9
0.3
n.a.
0.7
0.8
2.7

Current
ratio
2.8
3.5
5.9
n.a.
3.5
0.5
2.9

Figure 21. Leverage ra%os

Figure 20. EBITDA margins


70.0

3.0

60.0

2.5

50.0

2.0

40.0

1.5
30.0

1.0

20.0

0.5

10.0

0.0

0.0
MHP

Mriya

Avangard Metinvest Ferrexpo

DTEK

Naftogaz

MHP

Mriya

EBITDA margin, %

Avangard Metinvest Ferrexpo

DTEK

Naftogaz

DTEK

Naftogaz

Net debt/EBITDA (x)

Figure 22. Interest coverage

Figure 21. Debt-to-equity


3.0

25.0

2.5

20.0

2.0

15.0
1.5

10.0
1.0

5.0

0.5
0.0

0.0
MHP

Mriya

Avangard Metinvest Ferrexpo


EBITDA/ Int.exp.

Ukrainian Bonds: Weekly Review

DTEK

Naftogaz

MHP

Mriya

Avangard Metinvest Ferrexpo


Debt/Equity (x)

June 20, 2011

Glossary
Average dura%on- duraon calculated from all cash-ows obtained from
the bonds sold at the aucon. Yield-to-maturity, price and each cash-ow
(coupons and principal) are calculated on a per-bond basis.
Average yield A yield-to-maturity calculated from all cash-ows obtained from the bonds sold at the aucon and versus the total price paid
per bond to acquire them. Price and each cash ow (coupons and principal) are calculated on a per-bond basis.
Basis point (bp) One-hundredth of a percentage point or 0.01%.
BoP Balance of Payments.
Cer%cate(s) of Deposit (CD(s) Short-term money market instruments
that allow the NBU to absorb the extra liquidity from the local banks.
CDS - A swap designed to transfer the credit exposure of bonds
(sovereign, corporate or municipal) between pares.
CRA Credit rang agency. This term can refer to internaonal companies as Moodys, Standard & Poors and Fitch as well as naonal companies Credit-Rang Ukraine and others.
KievPrime rate - An independent reference rate calculated daily by Reuters based on oered inter-bank deposit rates in UAH as quoted by leading parcipants in the Ukrainian money market. KievPrime is calculated
for overnight, one week, 1-, 2- and 3-month tenors, which are provided
by the contributor banks daily at 12pm.
MoE - Ministry of Economic Development and Trade of Ukraine.
MoF Ministry of Finance of Ukraine.
NBU Naonal Bank of Ukraine, the central bank of Ukraine.
OVGZ Local-currency government bond.
Percentage point (ppt) One percent, 1%.
Recapitaliza%on bonds Local currency government bonds, which was
issued with the purpose of recapitalizing companies, owned by the state
(for example, Na<ogaz, Ukreximbank, Oschadbank).
UAH The hryvnia, Ukrainian naonal currency.
UAS Ukrainian accounng standards.
VAT OVGZ Local currency bond, which was issued in order to repay the
governments accumulated arrears on VAT (value added tax) refunds to
domesc exporters.
YTM (yield-to-maturity) The rate of return that creates the present
value of cash ows obtained from holding a bond equal to the price of
bond.

Ukrainian Bonds: Weekly Review

June 20, 2011


Contact Informa%on
Kiev
4 Muzeiny Pereulok, 6th Floor
Kiev, Ukraine 001001

New York
1450 Broadway, 39th oor
New York, NY 10018

Michail Levchenko
CEO

m.levchenko@nrg-capital.com.ua

Phone: +38-044-591-1515
Fax: +38-044-591-1293

Phone: +1-212-461-32-72

Vadim Bilokon
Execuve Director

v.bilokon@nrg-capital.com.ua

info@nrg-capital.com.ua
www.nrg-capital.com.ua

Sales & Trading

+38-044-591-1291

Yasha Raphael
yasha@nrg-capital.com.ua
Head of Internaonal Sales
Alex Bart
alex.bart@nrg-capital.com.ua
Internaonal Sales
__________________________________________________
Sergei Lyunenko
s.lyunenko@nrg-capital.com.ua
Head of Sales and Trading
Alexey Dyachenko
a.dyachenko@nrg-capital.com.ua
Equity Trader
Evgeniy Petrishchenko e.petrishchenko@nrgcapital.com.ua
Equity Trader
Oleksandr Vorobey
av@nrg-capital.com.ua
Fixed Income Trader
Yuri Tovstenko
y.tovstenko@nrg-capital.com.ua
Fixed Income Trader
Anna Pavlova
a.pavlova@nrg-capital.com.ua
Local Sales

Ukrainian Bonds: Weekly Review

Research

research@nrg-capital.com.ua

Maksim Shtepa
m.shtepa@nrg-capital.com.ua
Head of Research, Strategy, Machinery
Yaroslav Udovenko
y.udovenko@nrg-capital.com.ua
Agriculture & Consumer goods
Dmytro Shevchenko
d.shevchenko@nrg-capital.com.ua
Fixed income, Economy, Banks
Evgenia Radomska
e.radomska@nrg-capital.com.ua
Ulies, Oil & Gas, Telecommunicaons
Konstann Meselevskiy
k.meselevskiy@nrg-capital.com.ua
Metals & Mining
Olena Stray
o.stray@nrg-capital.com.ua
Research assistant