Ukraine

Ukraine courted controversy this week, turning to the private market to tap its November 2028 bond. The trade caught the attention of investors and bankers, with some saying that JP Morgan had retained the deal and priced it well below the market rate. Lewis McLellan reports.

Ukraine goes to the polls at the end of March for presidential elections, with investors in Kiev hoping that a reform-friendly result might help the country share more fully in the emerging markets rally.

The outcome of Ukraine’s presidential elections at the end of March will bear great influence on the nation’s economic future, and investors are fearful of the results.

In this round up, Hong Kong's Securities and Futures Commission put an ETF link on hold, venture capital funds will get more tax cuts, and Hong Kong signed up to the fourth closer economic partnership agreement with the Mainland.

The seizure of three Ukrainian navy ships by Russia on Sunday has sparked civil unrest in Ukraine and driven the tension between the two countries to new heights, wreaking havoc on Ukraine’s capital markets.

Naftogaz and Emirates National Bank of Dubai (ENBD) shelved plans for five year dollar benchmarks this week, thanks to a steep fall in the oil price and what bankers referred to as weak sentiment.

Two emerging market borrowers had to postpone deals this week, thanks to volatility in the market. Naftogaz and Emirates NBD have had to put plans for their five year dollar benchmarks on hold.

Two emerging market borrowers have been forced to postpone planned deals this week, with investors demanding better yields to risk their cash in the volatile market.

Russian giant Gazprom and Ukrainian oil and gas firm Naftogaz, who have been locking horns in court, both chose Tuesday to release price guidance for new Eurobonds. The Gazprom deal will be the first public international bond from a Russian issuer since the US sanctions that shook the market in April. The Naftogaz bond is its first since 2009.

Kernel, the Ukrainian powerhouse producer of sunflower oil and agricultural products, has boosted and extended its $200m pre-export revolving credit facility.

Ukraine raised $2bn with a dual tranche offering on Thursday, returning to capital markets in benchmark size for the first time in more than a year, fresh from its agreement with the International Monetary Fund (IMF).

Ukraine has opened books for a pair of dollar benchmarks, returning to capital markets in benchmark size for the first time in over a year, fresh from its agreement with the IMF.