Quotations credit-default swaps on five-year sovereign Ukrainian eurobonds for the current week have grown slightly from 1240 to § § 1290, thus saving for the Ukrainian securities reputation as the most risky investments, told Interfax-Ukraine a senior economist at investment group Socrates Michael Salnikov.

However, the expert noted that despite the low profitability of the dynamics of sovereign swaps on sovereign and quasi-sovereign bond is not significantly changed: the paper maturing in 2013 has lowered the yield of 12,3% to 12,2% return on sovereign paper maturing in 2011 fell from 13,4% to 12,9% and the yield on quasi-sovereign bond Ukreksimbanka-11 decreased from 15,8% to 15,6%.

According to M. Salnikov, quotes bond bank Forum grew slightly (from 98.7 to 99.0), which led to a drop in revenue from 37,5% to 35,2%. A similar situation was observed with bond UkrSotsBank-10, which demonstrated the diminishing returns from 19,8% to 17,1%. Yield Ukrsibbank-10 increased slightly from 11.51% to 11.58%.

expert said that is still the most profitable bank bonds remain Finance and Credit -10 (fall in yield from 210% to 203%) and bonds FUIB-10 (technical improvement in profitability from 109% to 119%).

Salnikov predicts that the market next week will depend on the preliminary results of the visit of the mission of the International Monetary Fund (IMF) in Kiev.

We expect that the main stumbling block for the representatives of the Fund will be the budget deficit, since Kiev is unlikely to be able to fulfill obligations under a deficit of 40 billion UAH. Also likely to stand up issues related to changes in the legislative framework, particularly in the banking, pension and taxation, which are still pending, despite the commitments made by the Government, - said Salnikov.

In this regard, the IG Socrates predicts that the fourth tranche of the IMF loan will either be postponed, probably until after the presidential election, a cooperation program with the IMF may be completely frozen due to lack of economic feasibility of further tranches.

In any case, the market reacts to these events rise and fall of CDS quotes on Ukrainian eurobonds in the medium term, - summed Salnikov.

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