Nowhere exemplifies the hunt for yield in the emerging debt markets better than Ukraine, which is seeing a flurry of bond issuance even though the country remains an economic basket-case with an uncertain political landscape.
Within Central and Eastern Europe, only Russia has seen more deals priced this year.
Last Thursday, two corporates became the latest to print transactions, albeit with varying degrees of success. Poultry producer MHP sold a $750 million seven-year note issue at a yield of 8.25%, with the proceeds partly financing the buyback of a large chunk of its outstanding 2015 bond.
At the same time, UkrLandFarming just about scraped over the line with at $275 million five-year note offering at a yield of 10.875%, short of the $ 300 million the leads had indicated the day before pricing.
