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Montag, 20. April 2015

Ukreximbank assures no haircut on its 2015 Eurobond and full payment of its coupon In regard to the current status of the debt restructuring for Ukraine's bondholders

MoF updates current status of debt restructuring In a presentation of the MoF’s update of the current situation of the debt deal to investors and financial analysts in Washington, DC, as required by the EFF program, Ukraine Finance Minister Natalie Jaresko reiterated the three main targets: a US$15.3bn decrease of debt repayments over the next four years, lower the debt-to-GDP ratio to 71% by 2020, and maintain the gross financing need at or below 10% of GDP. Moreover, Ukreximbank must restructure its debt to meet the IMF’s first target, which is to decrease debt repayments in 2015-2018. The primary concern of investors, however, was whether the Russian Eurobond would be included in the restructuring. Investment implications: According to Ukraine Finance Minister Natalie Jaresko, all debt holders (as listed in clearing systems) were sent proxies to participate the debt restructuring negotiations and the MoF is waiting to hear from any other bondholders before they begin discussions. Currently, the MoF has not yet held official talks with investors, especially in regard to the Russian bond, as they have not yet identified themselves, a situation which prevents negotiations. The MoF intends to begin official negotiations to conclude an agreement by the time the EFF is up for revision in June. Taras Kotovych, Kiev, +38044 2200120 ext.724


 Ukreximbank assures no haircut on its 2015 Eurobond and full payment of its coupon In regard to the current status of the debt restructuring for Ukraine's bondholders, Ukrainian Minister of Finance Mrs. N. Yaresko and Ukreximbank's Chairman Mr. O. Hrytsenko have confirmed that there will be no haircut, the coupon will be set at the current level, and the US$31.4m coupon payment will be paid to bondholders if the resolution for the three month extension passes on April 27. The quorum to adjourn the meeting was lowered from 2/3 to 1/3 with a required 75% of those present at the meeting to vote in favor for the resolution to pass. Should this occur, Ukreximbank will try to negotiate a 10- year extension that will enable Ukraine to meet the IMF program’s first target of its balance of payments objective. Mykhaylo Demkiv, Kiev, +38044 2200120 ext.723

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