Ukraine’s largest poultry exporter plans to raise $450 million through a new bond issuance. The proceeds will be used to finance a tender offer and to repurchase part of the company’s bonds maturing in 2026. Initial yield guidance for the new issue is set in the low-to-mid 11% range, according to a source familiar with the transaction.
For almost four years, Ukrainian corporate issuers have effectively been shut out of the Eurobond market for raising new financing. Instead, companies have relied on the willingness of international investors to extend maturities and participate in debt restructurings.
In 2026, corporate refinancing is becoming a particularly pressing issue in Ukraine. State-owned and private companies have around $3 billion of bonds maturing that year, while access to capital markets remains closed for many issuers. Recently, Ukrainian Railways (Ukrzaliznytsia) announced the suspension of coupon payments and the start of negotiations to restructure its debt.
MHP’s return to the market is an attempt to refinance $550 million of bonds maturing in April and is accompanied by a tender offer to repurchase outstanding debt. Last year, the company’s management tested investor appetite for a new bond issue, gathering feedback on the feasibility of a transaction and acceptable yield levels.
Thanks to its diversified operations in Europe and the Middle East, MHP may become one of the few Ukrainian companies capable of partially reopening the market for new borrowing. Over the summer, the company expanded its international footprint by acquiring Spanish poultry and pork producer Grupo UVESA. The current transaction will also be backed by guarantees from both MHP’s Ukrainian and European businesses.
The company’s ability to access international bond financing to address upcoming maturities prompted S&P Global Ratings on January 15 to place MHP’s CCC credit rating on CreditWatch with positive implications.
We genuinely believe that MHP continues to benefit from the support of international and local creditors, remains fully and timely in servicing its financial obligations, and complies with all financial covenants, S&P analysts said.
Fitch Ratings made a similar move, announcing a review of the company’s CC rating with a positive outlook.
