EAVEX Weekly

July 27, 2020

Ukrainian equities listed in Kyiv continued to demonstrate a very mixed performance last week. Sporadically-traded UX index basket member TurboAtom (TATM) tumbled by 30% to UAH 7.00 without a visible reason. CentrEnergo (CEEN) declined by 6.4% to UAH 5.15 while Raiffeisen Bank Aval (BAVL) added 1.5% to 33.50 and UkrNafta (UNAF) was flat at UAH 125 per share. The UX index finished the week little unchanged at 1300 points. In major economic news, Ukraine raised USD 2.0bn with a placement of 13-year Eurobonds at 7.25%. Part of the proceeds will be used to buy back outstanding Eurobonds, in particular USD 435mn of Ukraine-21s issue at 104.5% of par value and USD 371mn of Ukraine-22s at 105.5% of par value. Initially, the Finance Ministry planned USD 750mn as the indicative total volume of the buyback. There were USD 1.41bn and USD 1.38bn of outstanding 2021 and 2022 Eurobonds respectively prior to the buyback.