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
Given the IMF’s view that Lebanon’s debt is unsustainable, we think the Fund could only approve a programme under its new lending framework if there is a debt restructuring (PSI), although how much they would seek is unclear. Bond restructuring is, t...
Stuart Culverhouse @ Tellimer Research 27 February 2020
We initiate coverage of VODUKR US$500mn 6.2% 2025 notes with a Hold. We expect VODUKR to perform in line with the Ukrainian corporate space and initiate coverage with a Hold recommendation. Together with increasing smartphone penetration, it will be ...
Kiti Pantskhava @ Tellimer Research 26 February 2020
The government’s restructuring timetable published last night may look like a Buy signal for the US$ bonds, for the only way it will be met, in our view, is through a very favourable deal for bondholders; however, this is not necessarily the governme...
Stuart Culverhouse @ Tellimer Research 30 January 2020
Vodafone Ukraine, the second-largest mobile operator in Ukraine,is looking to issue debut bonds. In Russia, MOBTEL and VIP trade at 60-70bps or at a ratio of 1.7-1.8x to the sovereign curve. Last year, MTS sold its entire 100% stake in the Ukrainian ...
Kiti Pantskhava @ Tellimer Research 30 January 2020
VFU Funding PLC via VF Ukraine PAT operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes.
Fixed Income - Corporate