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Ukraine Gets Lower Interest Rate on New Eurobonds Placement

KYIV, Ukraine, April 12, 2013 /PRNewswire/ --

Lower interest rates for Ukrainian Eurobonds indicate that international investors see Ukraine as a reliable borrower. This was stated by Ukraine-based experts when commenting on the 7.5 percent interest rate on the recent placement of  bonds worth USD 1.25 billion vs. 7.8 percent interest rate for November 2012 Eurobonds issue, as reported by unian.net.

The sufficient funds Ukraine managed to attract on the international markets provide for the stability of the national currency - hryvnia, stated the head of the Forex Club analytical center, Mykola Ivchenko. The April 2013 bonds were placed at 7.5 percent interest rate, which is lower than 7.625 percent for February 2013 placement of USD 1 billion worth of bonds, and much lower than 7.8 percent for the November 2012 placement of USD 1.25 billion worth of bonds. Thus, in less than six months' time the borrowing rates for Ukraine went down 0.3 percent, explained the expert.

"The fact that we [Ukraine] regularly pay off all the debts has positively influenced the situation. Ukraine without delay pays back external and internal loans, Eurobonds, IMF loans, and promptly pays for Russian gas," he added. The chief economist of the Dragon Capital investment company Olena Belan reiterated that the recent Eurobonds issue would provide the Ukrainian government with the funds necessary for the upcoming IMF loan redemption.  

"The weighted average yield level for yesterday's [April 10, 2013] placement was 12.5 percent lower than that of February 4, 2013, which indicates investors' high appetite for Ukrainian credit risk," stated Belan. She added that the expected progress in Ukraine's relations with the IMF may have resulted in the successful Eurobonds placement. The amount of attracted funds - USD 4.7 billion, eliminates economic and financial risks for Ukraine even if the country does not receive another IMF loan, commented the experts.

Currently, Ukraine is negotiating a new loan from the IMF. The Eastern European country is counting on a USD 15 billion loan under the stand-by program, which was suspended in December 2010. In order to unlock further disbursement, Ukraine needs to change its domestic policy; namely, increase gas and heating prices for households.

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