Page 58 - UKRRptDec20

8.5.1​ Fixed income - bond news
Kernel, the world’s largest sunflower oil producer and exporter, has agreed to buy back early $287mn of its 2022 bonds, placed at 8.75%.​ The company will pay $303mn for the bonds, largely covered by $300mn raised last month with the placement of 7-year bonds at 6.75%.
Metinvest’s new 2027 Eurobond joins three other Metinvest dollar denominated bonds on JPMorgan’s corporate emerging markets bond index​ -- CEMBI Broad and CEMBI Broad Diversified. Inclusion on the index affords greater visibility, greater liquidity and better pricing for bonds of the Ukraine’s largest steelmaker.
The companies of Serhiy Tigipko’s TAS Group plan to issue about $70mn worth of bonds next year, about 95% in hryvnia​, Roman Gorokhovskikh, the Group’s international projects director, told the Ukrainian CFO Forum last week in Kyiv. Bonds will take the same amount of time to prepare as bank loans – 3-4 months -- but will offer cheaper money, he said. Rather than offer bonds for the group, TAS will offer bonds for individual companies, offering yields between 3% and 10%, depending on individual company ratings.
Ukreximbank to purchase $300mn of notes following early tender deadline​. Ukraine’s State Export Import Bank reported on the results of its early tender offer of its 2025 and 2022 notes on November 9. As of the early deadline, the holders of $372.7mn of its $600mn notes due in 2025 offered them to the issuer. The bank decided to purchase $215.95mn of the notes, or 60.8% of those offered. Also, the holders of $84.05mn of the notes due in 2022 offered them to the issuer, who decided to satisfy all the offers. The bank won’t accept any new offers of 2025 notes by the late deadline of November 23, but
58​ UKRAINE Country Report​ December 2020 ​ ​www.intellinews.com