Research Reports

  • 08.11.14 Fixed Income

    Ukrainian sovereign Eurobonds were hammered by investors last week, with quotes for benchmark Ukraine-23s plummeting by 7.4% to 87.4/88.6 (9.7%/9.4%) ...> read more

  • 08.08.14 Metals and Mining

    Ferrexpo improved its EBITDA in 1H14 by 32% YoY to USD 321mn as lower production cost more than offset a drop in achieved iron ore prices. Still, we b...> read more

  • 07.28.14 Fixed Income

    Ukrainian sovereign Eurobonds ended mixed last week amid a sharp pickup in Kyiv political activity that saw the path cleared for a pre-term October pa...> read more

  • 07.25.14 Agriculture

    Avangard’s 2014 financials will be hit hard by this spring’s devaluation of the Ukrainian hryvnia, as some 70% of its production cost is linked to the...> read more

  • 07.21.14 Fixed Income

    Ukrainian sovereign Eurobonds were lower across the board last week as escalating military clashes in the east of the country culminated with the shoo...> read more

  • 07.14.14 Fixed Income

    Quotes for Ukrainian sovereign Eurobonds ended higher last week, as risk appetite among international investors was spurred by signs that the US Feder...> read more

  • 07.07.14 Fixed Income

    The benchmark Ukraine-2023 Eurobond issue declined by 0.4% to 93.5/94.7 (8.6%/8.4%). Quasi-sovereign bonds of Naftogaz, which are due to mature in Sep...> read more

  • 07.01.14 Fixed Income

    Quotes for Ukrainian sovereign Eurobonds moved sharply higher last week ahead of the signing of the free trade portion of the country’s historic Assoc...> read more

  • 05.27.14 Agriculture

    Despite strong financials in 1Q14, Ovostar’s earnings are set to come under the hammer for the remainder of the year as the sharp hryvnia devaluation ...> read more

  • 05.26.14 Fixed Income

    Ukraine’s sovereign Eurobonds enjoyed a big rally last week ahead of optimism that moderate pro-European oligarch Petro Poroshenko would be elected as...> read more