13:14 01.04.2020

Ukrainian eurobonds, VRIs prices go up on Rada's decisions

2 min read
Ukrainian eurobonds, VRIs prices go up on Rada's decisions

Ukraine's eurobonds and Value Recovery Instruments (VRI) rose sharply on Tuesday, March 31, after the Verkhovna Rada adopted the land market law, passed at first reading the so-called "anti-Kolomoisky" law and appointed Serhiy Marchenko Finance Minister, which sharply increases the chances of Ukraine getting IMF financing and other IFIs.

As market participants told Interfax-Ukraine, on average, this situation led to a decrease in rates by 1.2 percentage points (p.p.), and they mostly fell below 10% again, returning to the range before quarantine.

As a result, the yield of securities maturing in 2023-2025 decreased to 9.8-9.9% per annum, with maturity in 2026-2027 it decreased to 9.2-9.3% per annum, and long-term securities with maturity in 2032 decreased to 8.5%.

Higher yield on short-term securities: due in September 2020 amounted to 11.9%, in 2021-2022 amounted to 10-10.4% per annum.

In addition, VRI rose by 11.6% on Tuesday, March 31. Their current value is 74.8% of the face value, although a decade ago it fell to 50% of the face value.

On Tuesday, March 31, there was also a significant increase in the value of eurobonds of DTEK Energy, the energy holding, which last week said about its intention to restructure the debt and temporarily suspend interest payments.

Eurobonds went up by almost 30% to 50% of their face value, which reduced their yield by 9 p.p., to 31.3% per annum.

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