first week of September on the Ukrainian Eurobond market was characterized by increases in profitability as a sovereign, and in the corporate sector, say polled by Interfax-Ukraine market participants.

Foreign investors are worried about the threat of postponement of the next tranche of the IMF and prefer to fix their profitability, - said a trader investment company Dragon Capital Svetlana Rusakov.

In addition, she noted that the market was still awaiting proposals for restructuring of Naftogaz of Ukraine , resulting from the repayment of eurobonds of the company on Sept. 30, 2009 during the week were the most volatile.

analyst at investment group Socrates Michael Salnikov said that the bonds of Naftogaz as a result of the week showed growth in revenue from 244,6% to 288,1%, while the yield ranged between 190.5% and 288.1%.

Such high volatility Salnikov explains the mixed news in the background during the week: on the one hand, investors finally gave Listening statements of Naftogaz, which was positive news. At the same time, the application management of Naftogaz of a clear intention to restructure its Eurobonds without partial repayment in September had a negative impact on investors.

According to the investment group Socrates, quotes and credit default swaps in the week increased by 39,2 b. n. - to 1089.0 b. to b subsection 1128.2. n., thus interrupting the three-month downward trend. M. Salnikov explains that investors' concern about the rapid devaluation of the hryvnia and incomprehensible market situation with the debts of Naftogaz.

Bidding

sovereign Eurobonds not distinguished high market activity, said experts.

Ukraine's Eurobonds with repayment in 11 was maintained its price at 92.97% of par, resulting in increased profitability from 12,1% to 12,2%. Bidding for the production of Ukraine-13 were more active, the yield increased from 10,4% to 11,1% , - said Rusakov.

quasi-sovereign issues showed similar trends.

Eurobonds state Ukreksimbanka repayment September 23, 2009 showed a technical leap with the yield 37,1% to 71,3%, due to very low maturity securities, said M. Salnikov. He also noted that the issuance of bonds Ukreximbank-11 is also not distinguished high market activity, and by reducing the duration of the yield has increased from 13,8% to 14,8%.

As reported by Rusakov, weakening the hryvnia had a negative impact on the banking sector eurobonds, slightly increasing the profitability of Alfa-Bank-12 to $ 84/85 (20.46% -19.95%) and Privat-12 to $ 74/76 (22 , 57% -21.23%), said the expert.

However, M. Salnikov said sufficiently high activity and the continuing trend for over a month to reduce the yield on Eurobonds, Bank Finance and Credit and FUIB. Bond Issue Finance and Credit -10 showed another drop in revenue from 220.6% to 175.4%, bond quotes FUIB-10 also increased, leading to a drop in revenue from 109,7% to 95,1%.

Investment Group Socrates believes that determining the news, which would affect the debt market this week, will be further developments over the debt of Naftogaz and the continued devaluation of the hryvnia, which affects the expectations of the creditworthiness of the Ukrainian issuers.

Obviously, the slow process of restructuring the debts of state monopoly and rapid depreciation of the national currency will not contribute to the increased interest of Western investors in Ukraine. We believe that in the event of a successful restructuring of eurobonds of Naftogaz, the successful repayment of sovereign securities and bonds in Ukreksimbanka September, tensions in the debt market will fall, - said Salnikov.

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Progress

After six-month stalemate domestic car market showed the first signs of recovery ...

Asian indexes rise on Monday at the Summit G20
The Ukrainian stock market closed the first week of fall downward correction in the negative impulse from the U.S.
The dynamics of today's trading will be determined by external factors, the most interesting data - publication of Severstal reports for 1 half of 2009
Recommendations on RTS Index futures
Today, change is on the world markets, and on Russia's stock markets expect hardly worth
The oil market today is dominated by bearish tone, but the growth of quotations on foreign markets eliminates the influence of this factor
The level of support today for the RTS Index futures with execution in September - 104 700