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Ukrainian debt more attractive than equities to foreign investors
In the Ukraine the domestic stock market is still quite weak, due to a variety of factors. This means that larger capital market transactions require Ukrainian companies to tap international, not domestic, markets.
There have been recent improvements in Ukrainian investment environment, with political stability, upward revisions in sovereign credit ratings, some deregulation, GDP growing ata6 percent rate in the second quarter of 2010, and finally monetary stability and a more balanced budget. Unless there is a serious external negative push, all of this is likely to result in improved mood of domestic markets, greater interest from foreign investors, and greater numbers of Ukrainian issuers seeking funds in the international markets.
Asters has extensive experience working on both debt and equity transactions with Ukrainian issuers, international issuers with business in Ukraine, and investment banks. The firm has developed a solid reputation in all aspects of debt and equity capital markets transactions: Eurobonds, syndicated loans, IPOs, secondary offerings, private placements, depositary receipts programs, and others.
We distinguish ourselves through our experience, which is both long-standing and broad; our ability to devote substantial resources to labour-intensive capital markets transactions while offering very competitive prices; our innovative thinking made possible by the high calibre of our people; and our commitment to the highest legal standards in our advice.
Asters helped bring first Ukrainian issuers to international markets, for example working on the very first Ukrainian municipal Eurobond placement. The firm was one of three Ukrainian firms which together with international counsel developed the loan participation note structure for Ukrainian Eurobond placements and participated in pilot corporate and banking Eurobond issues in Ukraine.
The firm continues to work on the most innovative cutting-edge capital markets transactions. For example in 2010 Asters advised on the very first Ukrainian IT sector IPO in London and on the IPO of RUSAL, the first IPO in Hong Kong by a CIS-based business. We also participate in a number of pending capital markets transaction in the agriculture and other sectors.