What debt is included in restructuring consultations?
Our understanding is that it’s all Eurobonds issued by the Ukrainian government and
its related entities that mature in 2015-2018. If we add all the outstanding amounts of
Eurobonds of the government and state entities, we would receive numbers very close
to those disclosed in the recent IMF staff report.
Bonds that may be subject to debt operations, USD mln outstanding
2015 2016 2017 2018
UKRAIN (publicly traded bonds) 1,160 2,250 3,300 -
UKRAIN (loan of Russian state fund) 3,000 - - -
UNRINF - - 1,118 690
CITKIE 250 300 - -
EXIMUK 750 150 - 600
OSCHAD - 700 - 500
RAILUA - - - 500
Total 5,160 3,400 4,418 2,290
Amounts from the IMF staff report 5,200 3,400 4,400 2,300
Sources: IMF, Bloomberg, Concorde Capital research
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