Research reports
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Phoenix Capital endeavors to constantly improve the company’s research methodology while maintaining a profound understanding of the processes that shape the key industries of the Ukrainian economy – and how they correlate with global tendencies. This allows the company to develop successful strategies for each and every one of its clients. Every analyst in the Phoenix Capital Research Team is driven by long-term goals and takes pride in his or her professional reputation in order to provide investment recommendations that are objective and the result of only the most rigorous analysis possible. The opinions of Phoenix Capital research analysts and experts have gained them the trust of private and institutional investors in addition to national and international media. |
| August 31, 2010 | Еженедельный обзор долгового рынка |  | Sector: Fixed Income На прошлой неделе на украинском рынке еврооблигаций преобладали продавцы. Наиболее активно торговались суверенные выпуски: короткие бумаги снизились на 0,5 пункта, а длинные потеряли от 0,7 до 1 п.п. Снижение цен на суверенные еврооблигации было обоснованно корректировкой доходностей к фундаментальным показателям. Среди лидеров в корпоративном сегменте по итогам недели оказались облигации МХП, которые выросли на 1 п.п. Немного просел Нафтогаз (-0.4 п.п.), оставив возможность для дальнейшей корректировки. Похоже, что правительство Украины намерено возобновить отложенное размещение суверенных еврооблигаций. Министр финансов Федор Ярошенко 25 августа заявил, что вопрос размещения будет рассмотрен на следующем заседании правительства. В случае положительного решения, размещение скорее всего произойдет в сентябре-октябре. Согласно плану управления государственным долгом, правительство рассчитывает привлечь около $2 млрд. путем размещения еврооблигаций в 3 квартале 2010г. |
| August 30, 2010 | Fixed Income Weekly |  | Sector: Fixed Income Modest selling pressure characterized the Ukrainian Eurobond market throughout the past week. Sovereigns were among the most actively traded bonds, paring previous gains: short-end maturities lost 0.5 p.p., while long-end government Eurobonds shed 0.7 to 1 p.p. The decline in sovereign prices was justified by the adjustment of yields resulting from changes in the country’s fundamentals. MHP was among the hottest names in the corporate segment, rising 1 p.p. Naftogaz slid moderately (-0.4 p.p.), leaving room for further adjustment. Most banking names followed the sovereign trend. Ukraine’s government looks determined to revive the abandoned sovereign placement. Finance Minister Fedir Yaroshenko stated August 25 that the issue would be considered at the government’s next meeting. If renewed, the offering is most likely to take place in September-October. According to Ukraine’s public debt management plan, the government hopes to raise approximately $2 bln via Eurobonds in 3Q2010. We expect VAT bonds worth around UAH 8 bln to be issued this week. |
| August 27, 2010 | The rebalancing of Ukraine’s political system |  | Sector: Macro A stronger President. In a speech given to mark Ukraine’s 19th year of independence Tuesday (Aug. 24), President Viktor Yanukovych declared that he has a “formula” for strengthening Ukraine that includes "a strong president who has real powers to coordinate and control the implementation of key reform issues and the country's strategic course." The main ingredient in the President’s “formula” is a return of Ukraine’s government to the presidential-parliamentary system of the Kuchma era. In order to accomplish this, Yanukovych is pushing for a repeal of law No. 2222-IV. Resolute intensions. Enacted in 2004, law No. 2222-IV shifted significant power from the President to the Prime Minister and Parliament (Verkhovna Rada). Yanukovych attempted to repeal the law in early July 2010 by initiating a referendum, but the motion was shot down in Parliament by the opposition and the Communist Party and Lytvyn Bloc – both members of the Stability and Reform Coalition spearheaded by the Party of Regions (PoR). The President’s ambitions did not fade, however, and on July 14 Parliament approved a motion by a vote of 252 (out of 450) requesting the Constitutional Court consider the constitutionality of law No. 2222-IV. The court’s decision is expected in October. |