Saturday 7 December 2013

Ukraine Company Bond Rout Woos Landesbank Berlin to Otkritie - Bloomberg

Ukraine Company Bond Rout Woos Landesbank Berlin to Otkritie - Bloomberg:

"Ukrainian corporate bonds yielding at least double emerging-market peers are luring investors from Landesbank Berlin Investment GmbH to Otkritie Capital on speculation the selloff triggered by street protests will fade.
Yields on state-owned NAK Naftogaz Ukrainy’s notes due in September have dropped 0.95 percentage point in the past two days to 19.63 percent. They had surged 2.62 percentage points in the two weeks since Ukraine’s worst protests in a decade broke out and sparked the biggest bond slump in emerging markets. Yields on poultry producer MHP SA’s bonds due in 2020 are down 44 basis points since reaching a record 13.15 percent on Dec. 4.
Landesbank Berlin bought Naftogaz bonds while Moscow-based Otkritie recommended the notes and Pioneer Investments said it’s looking for buying opportunities. The investments are a bet that President Viktor Yanukovych will cobble together enough foreign aid to stem a 51 percent plunge in foreign reserves in the past 2-1/2 years and meet debt payments after his decision to suspend trade talks with the European Union sparked the demonstrations."

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