Reports
- 06.08.10
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Georgian Railway Eurobond. Fresh Georgia exposure
Georgian Railway issued its debut US$ 250mn Eurobond in July, Georgia’s first corporate quasi-sovereign paper, and only the third in the country’s debt universe. The issuer is Georgia’s monopoly railway carrier and its largest employer. With an ambitious modernization program, the company is aiming to capitalize on its strategically located rail lines, which offer the shortest route from the Caspian Basin to Black Sea ports. Georgian Railway’s history of strong cash generation leaves us upbeat on its ability to comply with the Eurobond’s debt covenants and service its debt on schedule... - 21.07.10
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VAT T-bills. Hot summer offer
Ukraine’s government will issue so-called “VAT T-bills” next month to compensate companies for VAT reimbursement arrears. The upcoming issue will nearly double the current T-bill market volume and likely prompt a temporary jump in yields, offering portfolio investors a brief window of opportunity to wade into the local sovereign debt market on attractive terms... - 22.04.10
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Ukreximbank Eurobond. Welcome return
Ukreximbank has placed US$ 500mn in Eurobonds with an 8.375% p.a. coupon, paving the path to global debt markets for other Ukrainian issuers. We recommend buying the bank’s bonds, and we expect the spread vs. the sovereign curve will compress by 50-100bps over the next few months. Recently released FY09 IFRS financials show the bank lived through the crisis in better shape than most competitors... - 19.04.10
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MHP Eurobond. Attractive swap terms
MHP (MHPSA) today revealed details of its Eurobond exchange offer. In a positive surprise, the coupon rate will be maintained at 10.25% p.a. We recommend holders accept the offer, and we expect the new bonds will start trading at around 101% of face value post-settlement date...
