02/25/2022
The debt of some Western European, Ukrainian and Russian companies has come under pressure after Russia’s invasion of Ukraine this week, in which the country came under attack from land, sea and air.
+ Ukrainian energy utility DTEK’s $1.65 billion 7% 2027 senior secured P*K toggle bond crashed to 26 this week as its power plants were attacked.
+ Swedish cosmetics company Oriflame saw its 2026 notes decline by 5 points due to expected disruption of the 15% of sales generated in Russia (based on 2020 numbers) and production sites there.
+ Bedding provider Hilding Anders, which derives almost half its earnings from Russia, saw any trades in its loans completely dry up since the invasion.
+ The bonds of Wintershall Dea, a German oil and gas company that generates about one-fifth of its revenue from Russia and has been hit by the suspension of Nord Stream 2, dropped to the high 80s.
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Ukrainian bonds have come under pressure after Russia’s invasion of Ukraine this week, in which the country came under attack from land, sea and air.