Stock market reaction to positive news for Ukraine, the third tranche of credit stand-by the International Monetary Fund (IMF) of $ 3.3 billion The opinion was expressed by the analyst of investment group Socrates Michael Salnikov.

According to him, last week the credit-default swaps for five years the Ukrainian sovereign Eurobonds fell from 1748 to 1662 basis points. As expected, the positive news was a decrease in yield on a sovereign bond due in 2009 - from 47% to 42%, and there is high volatility of prices for these securities. The yield on Eurobonds in 2011 remained almost unchanged, falling by less than 0.7 percentage points, from 17.8% to 17.1%.

As the analyst, against the backdrop of positive news for the quasi-yield eurobonds NAK Naftogaz of Ukraine in 2009 has dropped significantly - from 72% to 59%.
On paper Ukreximbank '2009 revenue jumped sharply - from 38% to 44%, showing a minimum of 35.5%, and on paper of the same issuer with later repayment in 2011 remained at 19%.

M. Sal'nikov noted that the yield on a group of Western banks with capital is almost not changed. Virtually zero market activity to yield eurobonds Bank Forum in 2009 rose from 34% to 35% in relation to the approaching redemption in October, TG, and on eurobonds Ukrsotsbank - remained at 24%. The yield on Eurobonds UkrSibbank 2010 has increased slightly - from 15.5% to 16.3%, while the paper was slightly more liquid.

The analyst also said that in the segment of high-yield securities yield on Eurobonds Bank has grown from 608% to 647%. A similar situation with eurobonds FUIB 2010, revenue for which increased from 163% to 160%. Both papers were very illiquid, and the increase in yield occurred only at the expense of reducing the Duration of securities.

Investgruppa Socrates expects this week to further reduce the yield on a sovereign and quasi-securities, such as Naftogaz and Ukreximbank, against the background of Ukraine, the third tranche of credit from the IMF. But do not expect high activity in the bidding of the corporate sector - is maintained at the current level of profitability, say experts.

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