Market Analysis

Because the consent of holders of Eurobonds NAK Naftogaz Ukraine in restructuring next week in the treatment must reach the new company's Eurobonds with maturity of 5 years and the coupon yield 9.5%.

told in the commentary UNIAN senior analyst at Astrum Investment Management Sergey Fursa.

According to him, the volume of new issuance will be increased by the inclusion of his restructured bank loans and should reach 1.6 billion dollars, making it the most liquid in the Ukrainian segment. Credibility Naftogaz is determined by the existence of state guarantees, which allows to assess the cost of paper based on the quotations sovereign securities with a spread that displays the level of investor confidence in such assurances, said an analyst.

believes Fursa, investors should buy the paper Naftogaz at the cost of 85% -87%. He predicts that by the completion of the restructuring pressure on the sovereign curve will decrease, and the certainty with safeguards would narrow the spread to the sovereign securities to the level of 50-100 points. This will increase the cost of paper up to 90% of the nominal value over the next 1-2 months, analysts believe.

As UNIAN reported earlier, on Oct. 19, 2009 in London, held a meeting of holders of Eurobonds NAK Naftogaz Ukraine in the amount of $ 500 million. During the meeting, holders of the securities voted at the company planned a program of exchange of external obligations, including consideration of applications for the exchange of current commitments for new bonds denominated in U.S. dollars, in a 1:1 ratio, the maturity of which is due in September 2014 and be issued under the sovereign guarantee. Coupon rate set at 9.5%.

Following a vote by more than 93% of the holders of Eurobonds supported exchange program. Also at the meeting was adopted emergency order. Full day on the new bonds scheduled for October 29, 2009.

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