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Sovereign Analysis / Ukraine

Ukraine: IMF staff agreement on new SBA, funding needs still large

The IMF announced overnight that it had reached staff-level agreement (SLA) on a new programme for Ukraine, an 18-month Standby Arrangement (SBA) amounting to cUS$5bn (180% of quota). Board approval is expected in coming weeks (we suspect by mid-June...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 22 May 2020
Ukraine: IMF staff agreement on new SBA, funding needs still large – retain Buy
Equity Analysis / Global

What the collapse of UAE-based Phoenix Commodities means for food prices

Marc Rich, the infamous commodity trader, amassed a fortune despite facing extradition charges. He spent much of his life in exile in Switzerland. The US authorities charged him with racketeering and tax evasion. Rich started a commodity trader that...
Tellimer Research Nirgunan Tiruchelvam
Nirgunan Tiruchelvam @ Tellimer Research 12 May 2020
What the collapse of UAE-based Phoenix Commodities means for food prices
Equity Analysis / Global

Food price surge may escalate as world’s largest pork producer shuts plants

WH Group (288 HK), the world’s largest pork producer, closed several of its US pork processing plants this week even as the coronavirus threatens to escalate food prices further. WH Group has revenue of over US$24bn and dominates pork productio...
Tellimer Research Nirgunan Tiruchelvam
Nirgunan Tiruchelvam @ Tellimer Research 17 April 2020
Food price surge may escalate as world’s largest pork producer shuts plants
Flash Report - Fixed Income / Ukraine

DTEK: Awaiting restructuring proposal

Restructuring comes out of the blue. On 27 Mar 2020, DTEK Energy announced that it will not pay interest on bank debt and its US$1.3bn 10.75% amortising bonds on 31 Mar 2020 and 1 Apr 2020, respectively. The company is working on a standstill agreeme...
Tellimer Research Kiti Pantskhava
Kiti Pantskhava @ Tellimer Research 31 March 2020
DTEK: Awaiting restructuring proposal
Flash Report / Ukraine

Ukraine: IMF notes good progress on programme discussions, but not there yet

IMF Managing Director Kristalina Georgieva issued a short statement last night on the status of programme negotiations with Ukraine. She noted "very good progress" on the discussions on a new EFF and appeared to confirm what...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 27 March 2020
Flash Report / Global

Ukraine seeks help from IMF's emergency financing facility

Ukraine looks to have become the latest country seeking to tap funds from the IMF’s emergency financing facilities to help countries deal with the coronavirus pandemic that was announced earlier this month, according to local media yesterday ci...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 20 March 2020
Ukraine seeks help from IMF's emergency financing facility