Companies

Sovereign

Ukraine (Ukraine)

Issuer Profile

Ukraine ranked 54th in the world in terms of GDP and 38th in terms of purchasing power parity GDP in 2010. The country’s nominal GDP stood at $138bn last year, translating into $3,013 per capita. Ukraine’s total public debt (direct and conditional) rose 36% y-o-y in 2010, to $62bn, primarily on account of IMF financing. At 40% of GDP, the country’s end-2010 debt stock compared comfortably with regional peer levels. External liabilities accounted for 64% of the total public debt, including IMF loans with a 36% share.

Bond Information

Year201220132015201520162017201720202021
Issue Volume ($m)5001,0005006001,0005687001,5001,500
Coupon Rate (% p.a.)6.39%7.65%6.88%4.95%6.58%8.38%6.75%7.75%7.95%
Coupon Frequency---------
Maturity Date6/26/20126/11/20139/23/201510/13/201511/21/201611/3/201711/14/20179/23/20202/23/2021
Ratings: Moody's/S&P/Fitch---------
Market Price* ($)99.7597.7592.0085.0088.0085.0086.7587.2587.50
Market YTM*8.98%9.96%9.74%10.41%9.96%12.23%9.95%10.04%10.13%
Spread over UST*9019669321,0249201,147919829839

Issuer Financials

Year2009201020112012
GDP ($bn)117.00136.00165.00181.00
GDP per Capita ($)2,5492,9803,6143,982
Total Public Debt ($bn)39.8054.3059.9059.50
Total Public Debt (% GDP)34.80%39.93%36.42%32.82%
Debt to IMF ($bn)12.9016.3016.3012.90
Ext. Debt w/o IMF ($bn)13.7018.5021.9024.70
Ext. Debt w/o IMF (% exports)25.30%26.71%24.68%29.15%
Debt Service (% state rev.)4.30%6.05%7.31%-
Gross F/X Reserves ($bn)26.5034.5831.8026.20
UAH:$ (e-o-p)8.007.968.048.00
UAH:$ (avg.)8.147.957.998.00

Memorandum Terms

Failure to pay 10 days
Cross default €25m
Judgments $5m/60 days
Moratorium on interest and redemption

YTM

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