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Ukraine to Place USD 1 bln Eurobond Early This Month

Ukraine to Place USD 1 bln Eurobond Early This Month

2 November 2008

Finance Minister Nikolai Azarov said he did not foresee any problems for Ukraine to place a Eurobond, as planned, in the first half of November. He hinted that the volume might be USD 1 bln, but refused to reveal any more details. Azarov said the money will go toward financing the 2006 state budget’s increased expenditures. Oleksandr Klymchuk: Azarov’s statements support our expectations for the placement (please see our analyst’s notebook from Oct. 13). We do not expect it to be a problem for Ukraine to borrow USD 1 bln, as Azarov indicated, the only question is at what cost. If the maturity is 30 years (as the government initially planned), we will deem the placement successful if the Eurobonds spread over the benchmark UST-30 is in the range of 230-250 bps.

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