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Analytics and Market news

Monday, 27 July 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities listed in Kyiv continued to demonstrate a very mixed performance last week. Sporadically-traded UX index basket member TurboAtom (TATM) tumbled by 30% to UAH 7.00 without a visible reason. CentrEnergo (CEEN) declined by 6.4% to UAH 5.15 while Raiffeisen Bank Aval (BAVL) added 1.5% to 33.50 and UkrNafta (UNAF) was flat at UAH 125 per share. The UX index finished the week little unchanged at 1300 points.

In major economic news, Ukraine raised USD 2.0bn with a placement of 13-year Eurobonds at 7.25%. Part of the proceeds will be used to buy back outstanding Eurobonds, in particular USD 435mn of Ukraine-21s issue at 104.5% of par value and USD 371mn of Ukraine-22s at 105.5% of par value. Initially, the Finance Ministry planned USD 750mn as the indicative total volume of the buyback. There were USD 1.41bn and USD 1.38bn of outstanding 2021 and 2022 Eurobonds respectively prior to the buyback.

On the London Stock Exchange, the stocks of troubled shell egg producer Avangard (AVGR) plunged by 45% to just 6 cents from their previous indicative price of 11 cents. The new quote suggests that the company is valued, shockingly, at only USD 3.5mn compared to the market capitalization of USD 925mn that Avangard received at its IPO in 2010. Ferrexpo (FXPO) was inactive last week, remaining at GBp 185, and MHP (MHPC) shed 2.2% to USD 6.36.

In Warsaw trading, Kernel (KER) inched up by 0.4% to PLN 40.50, generally ignoring the company’s upbeat operational results for the Apr-Jun quarter. Astarta (AST) climbed 0.6% to PLN 16.00 per share, although the company said its sugar sales dropped by 26% YoY to 74,000 tonnes in 2Q20.

On the interbank currency market, the hryvnia was under pressure, losing 1.5% against the dollar to close at 27.87 UAH/USD. The National Bank’s decision to keep its key interest rate unchanged at 6.0% had a NEUTRAL impact on the currency market. The regulator intervened on the interbank market during the week, selling USD 350mn at 27.90 UAH/USD to slow the persistent hryvnia devaluation which started earlier this month after President Zelenskiy publicly stated that the hryvnia is too strong.


- Ukraine Quickly Returns to Eurobond Market after Smoliy Fiasco

- Ukraine’s Industrial Decline Slows to 6% YoY on the Back of Higher Steel Output


- Kernel’s Sunflower Oil Sales Volume Rises 10% YoY in Apr-Jun Quarter

full report

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact our office in Kyiv at 380-44-590-5454, or by email:

Alexander Klymchuk, Head of Sales, a.klymchuk@eavex.com.ua
Dmitry Churin, Head of Research, d.churin@eavex.com.ua

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