Eurobonds Ahead of the IMF

UKRAINE - In Brief 26 Oct 2018 by Dmytro Boyarchuk
We have raised $2 billion through Eurobonds. Ahead of the IMF wire. The funds appeared to be quite expensive and we hear many local observers already crying foul about this placement. Nevertheless, it’s a very good deal for Ukraine improving our chances to survive smoothly the doubled elections year. I’m a bit concerned about the fact that Eurobonds have been issued before the IMF Executive Board approved new SBA. It resembles the story of 2017 when the IMF wire was seen as almost secured but Ukrainian authorities changed their mind (postponed gas tariffs’ increase) as soon as they raised $3 billion through Eurobonds. This time the Fund anticipates budget 2019 to be approved and the spending plan for the next year will be voted in this way or another. However, we should never rule out surprises from Ukrainian authorities relaxed from pressure of currency crisis risks. Easily we might see boosted public spending which will be quite disappointing for the IMF. So far congratulations for Ukrainian MinFin and keep fingers crossed about balanced budget 2019.

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