Ukraine

UKRAINE
FIXED INCOME
MAY 07, 2018
Ukraine Fixed Income Weekly

Macro & politics update Contents:
page 1. Macro & politics update
• According to the preliminary information provided by the page 1. Top picks
National Bank of Ukraine (NBU), as of May 1, 2018, page 2. Eurobonds’ charts
international reserves reached USD 18,421 mn, increasing page 3. Eurobonds’ table
by USD 220 mn (+1.3% m/m) during April. page 4. Money markets
page 4. Local bond markets
page 5. Eurobonds overview
Corporate news
Page 5. Metinvest announced its operational

results for the first quarter of 2018
Page 6. PrivatBank’s net loss for 2017
amounted to USD 903 mn
Page 7. Ukreximbank recovered its
profitability in 2017
Page 8. Oschadbank’s net profit reached
USD 21 mn (+15.5% y/y) in 2017
Top picks
Mid Mid Rating

Name Comment
price YTM F / M / S&P
Ukrzaliznytsia is a key strategic infrastructure asset of Ukraine. On October 21,
2015, the Government approved the creation of the JSC Ukrzaliznytsia in the
UKRAINE framework of the restructuring of the company and the railway transport in
103.8 8.5 CCC/-/CCC+
RAILWAY-21 Ukraine. On February 17, 2016, the company secured the restructuring of its USD
500 mn LPN, extending the maturity to September, 15, 2021. The restructuring
agreement became effective on December 30, 2016.
Metinvest is one of the largest steelmakers and iron ore producers in the
Commonwealth of Independent States (CIS). Metinvest reported a revenue of USD
METINVEST-21 98.6 9.9 B/-/B- 8.9 bn, and EBITDA of USD 2.0 bn for the year 2017. On March 22, 2017,
Metinvest restructured its USD 1.2 bn Eurobonds and USD 1.1 bn PXF into
Eurobonds maturing in June and December 2021
1
UKRAINE
Ukraine Fixed Income Weekly FIXED INCOME
Ukraine Eurobonds yield map
11%
METINV-21
10% DTEK-24
9% UARAIL-21
METINV-26
OSCHAD-25 UKREX-25 METINV-23
8% UKREX-22 KRNL-22
OSCHAD-23
FXPO-19 (II) MHP-26
7%
MHP-24
FXPO-19 (I)
6%
5%
PUMB-18
4% MHP-20
3%
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
Modified Duration, years

Source: Thomson Reuters
Ukraine’s sovereign Eurobonds yields dynamics
Ukraine-2020 Ukraine-2027
10
4
May-17 Jul-17 Sep-17 Dec-17 Feb-18 May-18
2
UKRAINE
Eurobonds
Modiﬁed Rating
Issue Ticker Coupon Maturity Amount $M Last Bid Ask YTM Spread
Duration Fitch/Moody’s/S&P
Sovereigns
Ukraine-2019 UKRAIN 7.75% 01.09.2019 661 102.9 103.0 104.0 5.5 1.2 319.7 B-/Caa3/B-
Ukraine-2019 (U.S.) UKRAIN 1.84% 16.05.2019 1,000 99.7 99.8 99.9 3.0 1.0 74.7 WD/-/-
Ukraine-2020 UKRAIN 7.75% 01.09.2020 1,365 102.8 102.9 103.6 6.5 2.1 394.0 B-/Caa4/B-
Ukraine-2020 (U.S.) UKRAIN 1.85% 29.05.2020 1,000 98.3 98.3 98.5 3.1 2.0 64.1 -/-/-
Ukraine-2021 (U.S.) UKRAIN 1.47% 29.09.2021 1,000 95.2 95.2 95.5 3.0 3.3 34.1 -/-/-
Ukraine-2032 UKRAIN 7.38% 25.09.2032 3,000 89.9 90.0 91.0 8.6 8.1 570.0 B-/-/B-
Corporates
FERREXPO-19 (I) FXPOAF 10.38% 07.04.2019 80 103.3 103.3 104.3 6.6 0.9 438.7 B/Caa1/B
FERREXPO-19 (II) FXPOAF 10.38% 07.04.2019 93 103.3 103.3 104.3 6.6 0.9 439.3 B/Caa1/B
MHP-20 MHPC 8.25% 02.04.2020 79 107.0 107.0 109.0 4.4 1.8 187.8 B/-/B
MHP-24 MHPC 7.75% 10.05.2024 500 102.8 102.7 103.2 7.2 4.6 438.5 B/-/B
MHP-26 MHPC 6.95% 03.04.2026 550 96.7 96.6 97.1 7.5 5.9 455.3 B/-/B
DTEK-24 SCMHTN 10.75% 31.12.2024 1,344 105.4 105.0 106.6 9.6 4.4 630.2 C/-/-
KERNEL-22 KER 8.75% 31.01.2022 500 102.8 102.8 103.8 7.9 3.1 509.2 B+/-/B
METINVEST-21 SCMHTM 9.37% 31.12.2021 117 98.6 98.6 99.1 9.9 2.9 717.2 B/-/B-
UKRZALIZNYTSYA-21 SHORT 9.88% 15.09.2021 500 103.8 103.8 104.4 8.5 2.8 591.7 CCC/-/CCC+
Banks
UKREXIMBANK-22 CPTSNB 9.63% 27.04.2022 750 103.3 103.3 104.1 7.6 1.6 483.2 B-/Caa2/-
UKREXIMBANK-23 CPTSNB 9.00% 09.02.2023 125 99.3 99.3 100.3 9.8 0.3 - CC/Caa3/-
UKREXIMBANK-25 CPTSNB 9.75% 22.01.2025 600 103.7 103.8 104.9 8.5 3.0 560.1 B-/Caa2/-
OSCHADBANK-23 CPTSNS 9.38% 10.03.2023 700 103.3 103.3 104.1 7.5 1.7 469.6 B-/Caa2/-
OSCHADBANK-25 CPTSNS 9.63% 20.03.2025 500 103.3 103.3 105.3 8.4 2.6 547.9 B-/Caa2/-
PUMB-18 GREFI 11.00% 31.12.2018 51 103.1 103.1 103.2 4.9 0.5 401.7 B/WR/-
Derivatives
UKRAINE-40 UKRAIN 0.00% 31.05.2040 3,130 66.8 66.8 67.3 - - - -/-/B-
Distressed
AVANGARDCO-18 AVGR 10.00% 29.10.2018 227 23.0 23.0 23.3 - 0.1 - WD/-/-
INTERPIPE-17 ITRPI 10.25% 02.08.2017 200 26.0 26.0 28.0 - - - WD/-/NR
PRIVATBANK-18 (I) UKCRD 10.25% 23.01.2018 160 27.0 27.0 28.0 - - - WD/WR/-
PRIVATBANK-18 (II) UKCRD 10.88% 28.02.2018 175 31.0 31.0 36.0 - - - WD/WR/-
PRIVATBANK-21 UKCRD 11.00% 09.02.2021 220 11.0 11.0 13.0 - 0.8 - -/-/-
UKRLANDFARMING-18 AVNEXU 10.88% 26.03.2018 443 - - - - - - WD/-/NR
3
UKRAINE
Money markets
Over the past week, the average UAH/USD exchange rate was up by 0.2%
Interbank rates w/w to UAH 26.22 closing at the level of UAH 26.31 on Friday. The average
Kieibor o/n Kieibor 1W Kieibor 1M daily FX turnover on the interbank decreased by 11.4% w/w to USD 212 mn,
while FX trading volume amounted to USD 227 mn on Friday. The average
16 outstanding amounts held on banks’ correspondent accounts increased by
1.2% w/w or by UAH 0.5 bn to UAH 47.2 bn.
Last week, the average rates on overnight interbank loans increased by 1
14
bps w/w to 14.77%; the rates on 1W interbank loans had a growth of 3 bps
w/w to 15.10%, the rates on 1M loans were down by 5 bps w/w to 16.10%,
12 while the rates on 3M loans remained unchanged at 16.15%.
The NBU provided UAH 1 mn of extended refinancing to banks during the
last week (no refinancing during the previous week), whereas banks acquired
10
May-17 Aug-17 Oct-17 Jan-18 Apr-18
NBU deposit certificates worth UAH 94.2 bn (UAH 32.1 bn during the
* KIEIBOR—Kiev Interbank bid and offer rates
previous week).
Source: Thomson Reuters.
Local bonds daily trading, UAH mn

Local bond markets
Last week the Ministry of Finance did not make any placement of local
sovereign bonds. During the previous week, the NBU remained its holding of
government domestic bonds unchanged. Local banks decreased their
portfolio by UAH 215 mn (-0.1% w/w) and the amount of bonds held by non-
bank corporates decreased by UAH 182 mn (-0.7% w/w). Individuals
205 increased their holdings by UAH 22 mn (+0.9% w/w), while the amount of
188 local bonds held by non-residents increased by UAH 18 mn (+0.2% w/w).
Secondary market activities for government bonds were distributed as
follows: short-term bonds accounted for 19% of contracts and 4% of market
43
volume, while medium-term bonds made 81% and 96% respectively. U.S.
dollar denominated bonds represented 51% of contracts and 66% of the
0 0
overall market volume. The total turnover of local government bonds on the
30-Apr 1-May 2-May 3-May 4-May “Perspectiva” SE amounted to UAH 0.44 bn decreasing by 77.5% w/w
compared with the UAH 1.93 bn turnover during the previous week.
Source: Perspectiva stock exchange
Date Maturity Avg. YTM Amnt placed, mn UAH Num. of bids accepted
25.04.2018 03.10.2018 17.20% 359 6
25.04.2018 06.03.2019 16.99% 71 5
25.04.2018 19.04.2023 15.97% 646 7
25.04.2018 27.11.2019 4.00% EUR 82 mn 3
18.04.2018 04.07.2018 17.36% 500 15
18.04.2018 03.10.2018 17.13% 500 8
Source: MoF
Liquidity indicators, UAH bn

Corr. Accounts Overnight rate, % (rhs)
80,000 25
70,000
20
60,000
50,000 15
40,000
30,000 10
20,000
5
10,000
0 0
May-17 Jul-17 Sep-17 Nov-17 Feb-18 Apr-18
4
UKRAINE
Eurobonds overview
During the last week, prices of all Ukraine’s sovereign Eurobonds issues were down. Prices on bonds with larger
maturities showed a greater drop, than with the shorter ones. The decrease of price on Eurobonds with maturity in
2019 was the smallest among all sovereign issues: the average price on Ukraine-2019 was down by 0.6% w/w to
103.2. The average price on such bonds like Ukraine-2020 and Ukraine-2021 dropped by 1.0% w/w and 1.3% w/w
to 103.6 and 102.7, while the average prices on Ukraine-2022 and Ukraine-2023 decreased by 1.7% w/w to 101.4
and 100.3 respectively. At this time, issues with maturity of more than five years were traded with a discount to the
face value. Particularly, Ukraine-2024 had an average price of 99.1 (-1.8% w/w), Ukraine-2025 – 98.4 (-2.3% w/w),
Ukraine-2026 – 97.7 (-2.4% w/w), Ukraine-2027 – 97.3 (-2.2% w/w) and Ukraine-2032 – 91.3 (-2.4% w/w).
Among our corporate picks, the average price of Ukrainian Railway-21 decreased by 1.0% w/w to 104.2, while the
average price of Metinvest-21 dropped by 1.9% w/w to 98.8.
Corporate news
METINVEST Metinvest announced its operational results for the first quarter of 2018
METINV-21 METINV-21 METINV-21
Volume, USD mn 117 825 525

According to the Metinvest’s report of operational results, for the first
quarter of 2017 its crude steel production dropped by 245 kt (-11.8%
Coupon, % 9.4 7.8 8.5
y/y) to 1,825 kt, total iron concentrate production increased by 244 kt
Mid price 98.6 96.9 95.8
(+3.7% y/y) to 6,924 kt and total coal concentrate production
Mid YTM 9.9 8.6 8.9 contracted by 159 kt (-20.1% y/y).
Rating
Fitch B B B Within the metallurgical segment, in the first quarter of 2018,
compared to Metinvest’s operating results for the fourth quarter of
S&P B- B- B-
2017, hot metal production remained almost unchanged at 2,156 kt (-
0.1% q/q), crude steel production decreased by 81 kt (-4.2% q/q),
while the output of semi-finished products reduced by 9 kt (-1.1%
Price History q/q) to 788kt and of finished products - increased only by 4 kt (+0.3%
METINVEST-21 METINVEST-23 METINVEST-26
q/q) to 1,476 kt. Total coke production grew up by 17 kt (+1.3% q/q)
110 to 1,346 kt.
105
Within the mining segment, the total iron ore concentrate production
100 was down by 100 kt (-1.4% q/q) to 6,924 kt and the total coal
95 concentrate production increased by 67 kt (+11.8% q/q) to 633 kt.
90 Our view:
85
Quarterly changes in the Company’s operating results were very
80 insignificant and are mainly related to the overhaul of some of
May-17 Jul-17 Sep-17 Dec-17 Feb-18 May-18
Metinvest's production facilities. At the same time, changes in
production volumes, compared with operating results for the first
Key ﬁnancials, USD mn quarter of 2017, were more significant. Particularly, steel production
Income Statement 2015 2016 2017 suffered from the loss of control over the Yenakiieve Steel at the
Net sales 6,832 6,223 8,931 beginning of 2017, due to its location in the occupied territories, while
EBITDA 525 1,153 2,044 changes in market situation resulted in a growth in manufacturing of
Net income -1,003 118 617 finished and semi-finished products as well as in a drop of coal
Balance Sheet 2015 2016 2017 concentrate production.
Total assets 6,805 9,331 10,083
dmalynovskyi@empirestatecap.com
Total equity 4,024 4,028 4,308
Total debt 2,858 2,969 3,017
Net debt 2,766 2,743 2,758
Ratios 2015 2016 2017
D/EBITDA 5.4x 2.6x 1.5x
ND/EBITDA 5.3x 2.4x 1.3x
EBITDA/Int.exp. 2.5x 5.1x 8.8x
5
UKRAINE
Corporate news
PRIVATBANK PrivatBank’s net loss for 2017 amounted to USD 903 mn

PRIV-18 (I) PRIV-18 (II) PRIV-21
As was reported by the PrivatBank, for the year 2017 its net interest
income increased by USD 148 mn (x2.8 y/y) to USD 230 mn and its
Coupon, % 10.3 10.9 11.0 net commission income rose by USD 54 mn (+16.4% y/y) to USD
Mid price 27.0 31.0 11.0 383 mn, compared with the results of 2016. Despite this, the Bank
Mid YTM - - - gained USD 903 mn in a net loss.
Rating
-
As of December 31, 2017, PrivatBank’s total assets amounted to
Fitch WD WD USD 9,056 mn, increasing by USD 1,450 mn (+19.1% y/y) since the
Moody’s WR WR - year’s beginning. Bank’s loan portfolio decreased by USD 252 mn
(-15.6% y/y) to USD 1,362 mn. Total liabilities of the Bank rose by
Price History
USD 539 mn (+7.1% y/y) to USD 8,172 mn, while the total amount
PRIVATBANK-18 (I) PRIVATBANK-18 (II) of deposits expanded by USD 849 mn (+12.7% y/y) to USD 7,558
PRIVATBANK-21
mn. PrivatBank’s total equity increased to USD 910 mn from a
100
negative value of USD 33 mn as of January 1, 2017.
80
Our view:
60
Significant changes in PrivatBank’s assets and equity were caused by
40 the nationalization process held at the end of 2016 and the beginning
of 2017 and the further recapitalization of the Bank. The
20
recapitalization was made through the purchase of newly issued
0
shares with Ukraine’s government bonds. The growth of PrivatBank’s
May-17 Aug-17 Nov-17 Feb-18 May-18 net interest income is explained by the larger drop in interest
expenses (-40.2% y/y), compared to the decrease in interest income
Key Financials, USD mn (-25.5% y/y). At this time, the amount of allowance for loan
impairment still was very high (USD 690 mn), despite the significant
Income Statement 2015 2016 2017
reduction in 2017 (-88.6% y/y), t which in combination with
Net int. income 105 82 230
recognized losses from collateral devaluation (USD 435 mn)
Net income 13 -6,923 -61
surpassed the whole amount of income received by the Bank and
Balance Sheet 2015 2016 2017 resulted in net loss in 2017. We expect that PrivatBank will recover its
Total assets 11,455 7,606 9,056 profitability in 2018 due to the absence of non-recurring expenses
Loans portfolio 8,139 1,614 1,362 related to the restoration of the Bank’s solvency while maintaining
Total equity 1,186 -26 884 the profitability of operating activities.
Total liabilities 10,245 7,632 8,172
Deposits 7,996 6,708 7,558
Ratios 2015 2016 2017
LLR/Gross loans 12.8% 80.9% 83.8%
CAR 2.4% 2.1% 17.4%
NIM 1.3% 5.1% 16.9%
6
UKRAINE
Corporate news
UKREXIMBANK Ukreximbank recovered its profitability in 2017

UEXIM-22 UEXIM-23 UPRIV-25
According to Ukreximbank’s unaudited financial report for 2017, its
net interest income decreased by USD 20.6 mn (-16.2% y/y) to
Coupon, % 9.6 9.0 9.8 USD 106 mn. The Bank’s net commission income decreased by
Mid price 103.3 99.3 103.7 USD 2.7 mn (-10.7% y/y) to USD 22.8 mn. Ukreximbank’s activities
Mid YTM 7.6 9.8 8.5 in 2017 resulted in a USD 28.8 mn of net profit, compared to net
Rating loss of USD 38.3 mn for 2016.
Fitch B- CC B-
In 2017, the Bank’s total assets increased by USD 121 mn (+2.0%
Moody’s Caa2 Caa3 Caa2
y/y) to USD 6,062 mn and its loan portfolio increased by USD 237
mn (+10.9% y/y) to USD 2,402 mn. Total liabilities decreased by
Price History
UKREXIMBANK-22 UKREXIMBANK-23
USD 180 mn (-3.1% y/y) to USD 5,562 mn, while the deposits
UKREXIMBANK-25 portfolio extended by USD 38 mn (+3.1% y/y) to USD 3,216 mn.
110
Ukreimbank’s total equity increased by USD 301 mn (x2.5 y/y) to
USD 500 mn.
105
Our view:
100 Reduction in Ukreximbank’s net interest income as well as in net

commission income was a result of the larger drop in the Bank’s
95 income than in related expenses. Despite the significant decrease in
the Bank’s other income by USD 98 mn, due to a USD 199 mn
90 contraction in net income from investment securities, Ukreximbank
Jun-17 Sep-17 Nov-17 Feb-18 May-18
improved its net financial result in 2017 and recovered its
profitability, as a result of a reduction in the expenses for allowance
Key Financials, USD mn for loan impairment by USD 198 mn. Changes in the Bank’s equity are
connected with the issuing of new shares during the year, as it was
demanded by the National Bank of Ukraine.
Net int. income 109 126 106
Net income -641 -38 29 dmalynovskyi@empirestatecap.com
Balance Sheet 2015 2016 2017
Total assets 5,889 5,941 6,026
Loans portfolio 2,296 2,166 2,402
Total equity -128 199 500
Deposits 3,305 3,177 3,216
Ratios 2015 2016 2017
LLR/Gross loans 42.6% 43.8% 41.7%
CAR 2.4% 9.9% 13.9%
NIM 4.8% 5.8% 4.4%
6
7
UKRAINE
Corporate news
OSCHADBANK Oschadbank’s net profit reached USD 21 mn (+15.5% y/y) in 2017

OSCHAD-23 OSCHAD-25
According to the audited financial results for 2017, Oschadbank’s
Volume, USD mn 700 500
net interest income decreased by USD 23 mn (-10.0% y/y) to USD
Coupon, % 9.4 9.6 207 mn, while the net commission income increased by USD 18 mn
Mid price 103.3 103.3 (+21.8% y/y) to USD 101 mn. The Bank’s net profit increased by
Mid YTM 7.5 8.4 USD 3 mn (+15.5% y/y) to USD 21 mn.
Rating
In 2017 Oschadbank’s total assets rose by USD 508 mn (+6.5%
Fitch B- B-
y/y) to USD 8,308 mn, particularly, its loan portfolio extended by
Moody’s Caa2 Caa2
USD 205 mn (+8.4% y/y) to USD 2,647 mn. At this time, total
liabilities of the Bank fell by USD 19 mn (-0.3% y/y) to USD 7,198
Price History
mn and the deposit portfolio soared by USD 57 mn (-1.1% y/y) to
OSCHADBANK-23 OSCHADBANK-25 USD 5,335 mn. Oschadbank’s total equity increased by USD 527
115
mn (+90.5% y/y) to USD 1,110 mn.
113
111 Our view:

109
107 As we expected before, Oschadbank improved its financial results in

105 2017, compared to the results for the previous year. The decrease in
103 interest income (-2.8% y/y) with the insignificant growth in interest
101 expenses (+0.4% y/y) resulted in a drop in Oschadbank’s net interest
99 income, which was almost fully covered with the increase in net
97 commission income of the Bank. Despite a growth in operating
95 expenses by USD 50 mn (+22.7% y/y), the reduction in expenses for
Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18
allowances for loan impairments by the larger amount, helped
Key Financials, USD mn Oschadbank to slightly increase its net profit for the period. Due to
the fact that the Bank is state-owned, its recapitalization was made
with the bonds of Ukrainian government, which resulted in a growth
Net int. income -448 230 207
of both: total assets and equity. At the same time, Oschadbank
Net income -560 18 21
significantly increased its loan portfolio, mostly due to the expansion
Balance Sheet 2015 2016 2017 of its lending to corporate clients, while reduced the amount of its
Total assets 6,629 7,800 8,308 funds on corresponding accounts with other banks.
Loans portfolio 2,728 2,442 2,647
Total equity 306 583 1110
Deposits 3,927 5,392 5,335
Ratios 2015 2016 2017
LLR/Gross loans 40.1% 43.4% 44.3%
CAR 11.5% 10.7% 18.8%
NIM neg. 9.4% 7.8%
6
8
UKRAINE
Supporting information
Exchange rate dynamics Credit Rates, %
38 Central Bank Rate Interbank Rate

USDUAH EURUAH
36 18
34
32 16
30
28 14
26
24 12
22
20 10
May-17 Jul-17 Sep-17 Dec-17 Feb-18 May-18 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18
Source: Thomson Reuters Source: NBU
Ukraine sovereign Eurobond prices Ukraine debt payment schedule for 2018, USD mn
Local bonds redemption Local debt servicing Eurobonds IMF
Ukraine-2020 Ukraine-2027 1800
1600
10
1400
1200
8 1000
800
600
6
400
200
4 0
May-17 Jul-17 Sep-17 Dec-17 Feb-18 May-18 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: Thomson Reuters Source: IMF, Thomson Reuters
Change of YTM, bps (30.04.2018-04.05.2018)
-3 -1 2 5 7 10 12 15
PUMB-18
OSCHADBANK-25
OSCHADBANK-23
UKREXIMBANK-25
UKREXIMBANK-22
UKRZALIZNYTSYA-21
METINVEST-26
METINVEST-23
METINVEST-21
KERNEL-22
DTEK-24
MHP-26
MHP-24
MHP-20
FERREXPO-19
FERREXPO-19
9
UKRAINE
Important information and company profile
Empire State Capital Partners T/F: + 38 044 237 77 27, NY: +1 (917) 475-0447
Sales: + 38 044 237 77 27-609

20A Kozhumyatska Street Email: research@empirestatecap.com
Kyiv, Ukraine, 04071 Our website: www.empirestatecap.com

Sales and Trading
Managing Partner, Head of Sales
Martin Birch mbirch@empirestatecap.com
Managing Partner
Alex Bart abart@empirestatecap.com
Equity Trading
Sergei Shmaliy sshmaliy@empirestatecap.com
Research
Managing Partner
Yaroslav Udovenko yudovenko@empirestatecap.com
Fixed Income & Macro Research

Dmytro Malynovskyi dmalynovskyi@empirestatecap.com
About us
Empire State Capital Partners is a full service investment company with Western roots headquartered in Ukraine. We offer services in
capital markets advisory, mergers and acquisitions, debt and equity underwriting, corporate finance, brokerage, asset management
and structured products. Our team is comprised of experienced professionals from United States, Europe, Australia and Ukraine,
who have been involved in a wide variety of investment projects in CIS countries and overseas.
Disclaimer
Although the information in this report was collected in good faith and has been obtained from sources which Empire State Capital Partners believes to be reliable, we do
not represent or warrant its accuracy, except with respect to information concerning Empire State Capital Partners, its subsidiaries and affiliates, either expressly or
implied, and such information may be incomplete or condensed. Nor has the information and/or data been independently verified, and so is provided without further
caveat regarding its reliability, suitability for commerce or specific purpose.
This report does not constitute a prospectus and is not intended to provide the sole basis for an evaluation of the securities discussed herein. All estimates and opinions
included in this report constitute our judgment as of the date of the report and may be subject to change without notice. Empire State Capital Partners or its affiliates may,
from time to time, have a position or make a market in the securities mentioned in this report, or in derivative instruments based thereon, may solicit, perform or have
performed investment banking, or other services (including acting as advisor, manager) for any company referred to in this report and may, to the extent permitted by law,
have used the information herein contained, or the research or analysis upon which it is based, before its publication. Empire State Capital Partners will not be responsible
for the consequences of reliance upon any opinion or statement contained herein or for any omission. This report is confidential and is being submitted to select recipients
only. It may not be reproduced (in whole or in part) without the prior written permission of Empire State Capital Partners.
Any recommendations, opinions, forecasts, estimates or views herein constitute a judgment as at the date of this report. This document has been produced
independently of Empire State Capital Partners and the recommendations, forecasts, opinions, estimates, expectations, and views contained herein are entirely those of
the research analyst(s). While all reasonable care has been taken to ensure that the facts presented herein are accurate and that the respective recommendations,
forecasts, opinions, estimates, expectations, and views are fair and well considered, none of the research analyst(s), Empire State Capital Partners or any of its directors,
managers or employees has verified the contents of this document and, accordingly, no research analyst, Empire State Capital Partners or any of its respective directors,
managers or employees shall be in any way responsible for its contents.
© Empire State Capital Partners, 2018
10

Ukraine

Caricato da

Informazioni sul documento

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Ukraine

Caricato da

Copyright:

Formati disponibili

UKRAINE

MAY 07, 2018

Ukraine Fixed Income Weekly

Page 5. Metinvest announced its operational

Mid Mid Rating

Ukraine Eurobonds yield map

Modified Duration, years

Ukraine’s sovereign Eurobonds yields dynamics

Source: Thomson Reuters

Local bonds daily trading, UAH mn

Liquidity indicators, UAH bn

Source: Thomson Reuters

Volume, USD mn 117 825 525

PRIVATBANK PrivatBank’s net loss for 2017 amounted to USD 903 mn

UKREXIMBANK Ukreximbank recovered its profitability in 2017

100 Reduction in Ukreximbank’s net interest income as well as in net

OSCHADBANK Oschadbank’s net profit reached USD 21 mn (+15.5% y/y) in 2017

111 Our view:

107 As we expected before, Oschadbank improved its financial results in

38 Central Bank Rate Interbank Rate

Source: Thomson Reuters Source: NBU

Source: Thomson Reuters Source: IMF, Thomson Reuters

Change of YTM, bps (30.04.2018-04.05.2018)

Source: Thomson Reuters

Important information and company profile

Sales: + 38 044 237 77 27-609

Kyiv, Ukraine, 04071 Our website: www.empirestatecap.com

Fixed Income & Macro Research

© Empire State Capital Partners, 2018

Potrebbero piacerti anche