Ukraine’s last placement of Eurobonds was more than successful, executive director of the International Fund Blazer Oleh Ustenko told a round table, ForUm correspondent reports.
According to the economist, the global demand for risky assets will allow raising $ 1.25 billion over 10 years just under 7.8% per annum. "These tools allow the Cabinet to resolve the problem of external debt up to April 2013, and the part of money will go to financing budget expenditures," the analyst said.
Ustenko said that although the yield is slightly higher than under September additional placement of year eurobonds, "this time we went with longer papers. "Since September level of credit-default swaps Ukraine rose from 620 to 650 points, that means that the market trusts Ukrainian obligations. A better yield can be expected only when restoring cooperation with the IMF," he said.
"On the other hand, reasonable loan rate just might be due to investors' expectations about the early resumption of IMF lending to Ukraine. "The immediate redemption of Eurobonds will be much in June 2013 ($ 1 billion). But will have to pay for domestic liabilities: by the end of the year the government must pay 5.16 billion UAH for standard domestic bonds treasury bonds (T-bills) and $ 278.3 million for foreign currency bonds. But currency bonds can be refinanced, and thus flows from Eurobonds will be long enough for the payment of external debt," the expert said.
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