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Ukraine bondholders face haircuts and extensions

Finance Minister Natalia Yaresko wants bondholders to provide $15.3 billion in debt relief over four years. This would be achieved by extending the debt's maturities, cutting the interest it pays, and writing down the principal in a "haircut".

JPMorgan calculates that a maturity extension and 60 percent reduction in interest payments would save $15 billion in the next four years. In that case, net present value - a measure of the worth of future bond interest payments in current terms - falls to under 30 cents in the dollar from around 40 now, they say, advising clients to stay underweight. Goldman Sachs estimates that to make its debts affordable, Kiev must impose a haircut of at least 70 percent on an NPV basis and cut principal by around 45 percent.

Ukraine bondholders face haircuts and extensions | Reuters
 
incrementata la privat bank a 48, o la và o la spacca, pare vogliano approvare un nuovo aumento di capitale e mi han pure pagato la cedola questa settimana
 
angy2008 ha scritto:
incrementata la privat bank a 48, o la và o la spacca, pare vogliano approvare un nuovo aumento di capitale e mi han pure pagato la cedola questa settimana
Clicca per allargare...

Confermo cedola .Hai qualche link recente ?io aspetto che fine fa la ukreximbank tra un mese ,se non paga e scende sui 40 forse la riverso su privat :D
 
Ukrainian Banks Show Sharp Drop in Capital Adequacy Ratios, a Credit Negative
Last Wednesday , the National Bank of Ukraine (NBU) reported that the average regulatory capital
adequacy ratio (CAR) for Ukrainian banks fell below the 10% minimum in February as the hryvnia (UAH)
depreciated more than 40% against the US dollar between 1 January and 1 March. According to the NBU’s
credit-negative data, the banking system’s average CAR was 7.4% at 1 March, down from 13.8% a month
earlier and 15.6% at the end of 2014.
The sharp system-wide deterioration is particularly noteworthy because most individual Ukrainian banks
reported regulatory CARs above the 10% minimumas of the end of 2014, with the exception being those
banks that had either lost their licenses or been placed under temporary administration. So far this year, 12
banks have lost their licenses and 14 have been placed under temporary administration. These banks
together comprise more than 11% of total banking system assets. Last year, 17 banks lost their licenses.
The drop in the system-wide CAR increases the urgency of recapitalizing Ukraine’s fragile banking system.
The central bank has been working with the International Monetary Fund (IMF) in recent weeks to
implement plans aimed at attracting private capital to recapitalize viable Ukrainian banks, while resolving
mostly smaller banks. The NBU and IMF recently agreed that some forbearance on capital indicators was
appropriate, and that solvent banks would only be required to gradually reach the 10% minimum by the end
of 2018, although CARs as of the end of January 2016 would need to be at least 5%.
In addition to the effects of currency depreciation, we estimate that much of the CAR deterioration was the
result of a stricter calculation of required loan-loss reserves for banks placed under temporary
administration. The size of total banking system capital in local-currency terms (which is largely unaffected
by the exchange rate) shrank by 30% to UAH117.7 billion during the month, likely reflecting the effect of
provisions for nonperforming loans (NPLs).
At the same time, NPLs in Ukraine have not yet peaked, and the recent significant currency depreciation is
likely to further increase capital needs by reducing pre-provision profits, impairing many borrowers’ ability
to service their loans (which, in turn, will increase NPLs and the need for further provisions), and inflating
the size of risk-weighted assets. Around 40% of loans in Ukraine are denominated in foreign currencies
(mostly dollars), and a significant portion of Ukrainian banks’ foreign-currency borrowers have no foreign
currency revenue from exports.
Although all 10 Ukrainian banks that we rate met the minimum 10% CAR requirement as of the end of
2014, according to their disclosures (see Exhibit 2), we estimate that some banks’ ratios were overstated
because of insufficient levels of loan-loss reserves and ongoing asset quality deterioration that will require
additional provisioning charges.
In 2014, Ukrainian banks’ cost of credit risks, defined as the ratio of loan-loss provisions to average loan
balances, rose to 9.7% from 2.8% in 2013. With our forecast of GDP contracting by 5.5% this year and the
local currency remaining vulnerable, we expect credit costs to increase further this year.
 
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