Research Reports

  • 02.14.13 Metals and Mining

    We expect Metinvest-­owned Pivnichny GOK (SGOK) and Centralny GOK (CGOK) to continue their history of hefty dividend distributions, and thereby to dir...> read more

  • 02.12.13 Fixed Income

    Ukrainian sovereigns ended lower last week, as yields had little room for appreciation amid uncertainty regarding sources for the country’s debt redem...> read more

  • 01.31.13 Macroeconomics

    Ukraine’s GDP growth for 2012 was 0.2%, according to preliminary data from the State Statistics Committee, far below initial analyst expectations of m...> read more

  • 01.28.13 Fixed Income

    Ukrainian sovereign and corporate Eurobonds were mixed last week. Benchmark Ukraine-22s edged down by 0.8% to 102.3/103.1 (7.5%/7.4%), while quasi-sov...> read more

  • 01.22.13 Fixed Income

    Quotes for Ukrainian sovereigns ended higher last week, with benchmark 10-year notes appreciating by 1.7% to 103.1/103.9 (7.4%/7.2%). Ukraine-17s adde...> read more

  • 01.17.13 Metals and Mining

    We foresee a short-term decline in Ferrexpo’s share price and therefore place a SELL recommendation on the FXPO stock with 1-month target price of USD...> read more

  • 01.14.13 Fixed Income

    Quotes for Ukrainian sovereign and, especially, corporate Eurobonds continued to rise at the beginning of 2013 after an outstanding 2012. JP Morgan ha...> read more

  • 12.17.12 Fixed Income

    Ukrainian sovereigns appreciated last week amid positive sentiments on international bond markets. Spain and Italy each comfortably sold new three-yea...> read more

  • 11.27.12 Fixed Income

    Ukrainian sovereigns appreciated moderately last week after the country successfully raised USD 1.25bn through a new 10-year dollar-denominated bond a...> read more

  • 11.20.12 Fixed Income

    Ukrainian benchmark sovereigns rebounded last week from the selloff seen at the beginning of the month, with Ukraine-21s, the country’s longest issue,...> read more