More fallout from

More fallout from Naftogaz pulling its $500 million Eurobond placement at the start of a road show. Concorde Capital’s Alexander Paraschiy writes: “In our view, Naftogaz’s decision to put off the deal looks logical. As natural gas prices are rising, the company has a chance to improve its P&L in 2H20. Meanwhile, Ukraine will have a chance to secure another IMF tranche and reduce its sovereign risk. If so, Naftogaz may have a new window for a bond placement at a better rate in 1H21.”