Ukraine seemingly took a step closer to a sovereign bond default after state-owned Naftogaz announced a consent solicitation to defer eurobond payments for two years on 11 July. The government, bondholders, IMF and IFIs can then figure out what a res...
Stuart Culverhouse @ Tellimer Research 15 July 2022
Monetary policy: Due to increasing concerns on inflationary pressures, regional central banks have tightened monetary policy in July, 2021. This is the 2nd time the central bank raised interest rates in 2021, after 75bps increase in April. FX market:...
The COVID-19 pandemic pushed the global economy into one of the deepest recessions in 2020 on record. The military conflict in Nagorno-Karabakh worsened risk sentiments in the region, particularly for Armenia. Economic contraction in Armenia is estim...
Ukraine has been one of the best performing emerging markets in the post-US-election rally. Accumulated arrears were to be settled in Q4 20-21 and the state-owned off-taker, the Guaranteed Buyer, started making timely payments to RES. MHP has continu...
Kiti Pantskhava @ Tellimer Research 4 December 2020
Strong momentum is building for the sovereign bonds, with the first months of Zelensky’s presidency producing a number of long-awaited laws, a staff-level agreement on a new IMF facility and resumption of peace talks with Russia. Corporates, on the o...
Kiti Pantskhava @ Tellimer Research 17 December 2019
Ukrainian Railway (RAILUA) is looking to issue US$500mn 5-year bonds to refinance short-term debt, with initial price talk (IPT) of 8.5-625%, according to Bloomberg. Ukrainian Railways is a 100% government-owned railway monopoly rated CCC+ by S&P and...
Kiti Pantskhava @ Tellimer Research 1 July 2019