Naftogaz meets this week with investors in London and New York in a roadshow designed to place up to $1 billion of 5-year Eurobonds.

Naftogaz meets this week with investors in London and New York in a roadshow designed to place up to $1 billion of 5-year Eurobonds. In advance, Fitch Ratings gave the bonds a preliminary rating of B-. This rating is based on several assumptions, including: the hryvnia exchange rate in 2019 will devalue to UAH 30.7/ $1, and in 2020 to UAH 32.3 UAH / $1; Naftogaz will not recover funds from Gazprom from February’s Stockholm arbitration decision; and that unbundling of pipelines and production will take place after 2020.