This week is not expected major changes in the market of Ukrainian eurobonds.

This is stated in a weekly review of the Eurobond market, prepared by an economist of the investment group Socrates Mikhailov Salnikov.

It seems that this week the market will wait for news on further development of the situation surrounding Naftogaz. positive or negative background to negotiate the restructuring will have an impact both on the dynamics of the yield securities Naftogaz and other quasi-sovereign and sovereign issues, - he believes.

This expert did not rule out that the aggressive position of holders of Eurobonds public company associated with the hope of creditors in such a way to achieve better terms of restructuring, and therefore a compromise between a company and investors is possible.

Salnikov recalled that last week of paper Naftogaz bonds due Sept. 30, 2009 showed improvement in profitability from 225,4% to 236,5%, which was associated with an increase in tension on the future release. The government and the company's management has shown its willingness to restructure the issue, while the holders of securities (20%) indicated their intention to veto the voluntary restructuring, thereby forcing the company to pay a debt in full or, in fact, disclose the default and prepare for litigation, - he said.

expert also recalled that last week quotes credit-default swaps continued their decline from 1100.7 bp to 1,110.3 basis points, showing a week drop by 9,6 bp The downward trend in sovereign credit default swaps continued for the third month since June 1 CDS traded at 1,804 basis points, then as now - 1100.7 bp Thus, the fall of the last three months amounted to more than 703 bp - noted Salnikov.

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