State oil and gas monopoly Naftogaz Ukrainy controls 100% of oil and gas transportation and storage and most of oil and gas extraction in Ukraine. The company operates a gas transit system with 38,000 km of pipelines, capable of importing 290 bcm and exporting 178 bcm of gas annually (including 140 bcm to Europe). Naftogaz’s key assets include Ukrnafta (near-monopoly producer of oil in Ukraine); Ukrgazvydobuvannya (largest producer of gas and gas products); Chornomornaftogaz (offshore oil and gas producer); Ukrtransnafta (oil pipeline operator); and Ukrtransgaz (gas pipeline operator).
| Year |
2025 |
2026 |
2028 |
| Issue Volume ($m) |
335 |
600 |
500 |
| Coupon Rate (% p.a.) |
7.65% |
7.13% |
7.63% |
| Coupon Frequency |
S/A |
A |
S/A |
| Maturity date |
7/19/2025 |
7/19/2026 |
11/8/2028 |
| Ratings: Fitch/Moody`s/S&P |
CC/—/— |
CC/—/— |
CC/—/— |
| Market Price* ($) |
84.00 |
64.00 |
64.00 |
| Market YTM* |
21.80% |
31.00% |
29.30% |
| Spread over UST* |
- |
- |
- |
| Note: *Based on bid price. |
| Year |
2020 |
2021 |
2022E |
| Net Sales ($m) |
7,161 |
*** |
*** |
| EBITDA ($m) |
867 |
*** |
*** |
| Net Income ($m) |
(705) |
*** |
*** |
| EBIT Coverage Ratio (x) |
5.92 |
*** |
*** |
| Net Debt/Equity (%) |
21.1% |
*** |
*** |
