State-owned rail monopoly Ukrainian Railway (RAILUA) was incorporated as a public JSC in December 2015, consolidating its regional rail operators. The company owns almost 21,000 km of rail track and a fleet of c. 4,000 locomotives, 110,000 freight and 5,000 passenger railcars. RAILUA accounts for 62% of total freight transportation in Ukraine, being the largest freight operator in Europe, and 36% of domestic passenger transportation. It is the largest domestic employer with a c.300,000-strong labor force.
| Year |
2026 |
2028 |
| Issue Volume ($m) |
595 |
300 |
| Coupon Rate (% p.a.) |
8.25% |
7.88% |
| Coupon Frequency |
S/A |
S/A |
| Maturity date |
7/9/2026 |
7/15/2028 |
| Ratings: Fitch/Moody`s/S&P |
CC/—/CCC+ |
CC/—/CCC+ |
| Market Price* ($) |
62.00 |
57.50 |
| Market YTM* |
37.10% |
26.20% |
| Spread over UST* |
- |
- |
| Note: *Based on bid price. |
| Year |
2020 |
2021 |
2022E |
| Net Sales ($m) |
2,793 |
*** |
*** |
| EBITDA ($m) |
359 |
*** |
*** |
| Net Income ($m) |
(454) |
*** |
*** |
| EBIT Coverage Ratio (x) |
(0.77) |
*** |
*** |
| Net Debt/Equity (%) |
18.4% |
*** |
*** |
