Obbligazioni a tasso fisso CRISI UCRAINA, Bond Russia, Ucraina, Gazprom e altro

Fabrib ha scritto:
Russia will take legal action if the West tries to force it to default on its sovereign debt, Finance Minister Anton Siluanov told the pro-Kremlin Izvestia newspaper on Monday, sharpening Moscow's tone in its financial wrestle with the West.
"Of course we will sue, because we have taken all the necessary steps to ensure that investors receive their payments," Siluanov told the newspaper in an interview.
"We will present in court our bills confirming our efforts to pay both in foreign currency and in roubles. It will not be an easy process. We will have to very actively prove our case, despite all the difficulties."
Siluanov did not elaborate on Russia's legal options.
Russia faces its first sovereign external default in more than a century after it made arrangements to make an international bond repayment in roubles earlier this week, even though the payment was due in U.S. dollars.
Last week, Siluanov said Russia will do everything possible to make sure its creditors are paid.
"Russia tried in good faith to pay off external creditors," Siluanov said on Monday. "Nevertheless, the deliberate policy of Western countries is to artificially create a man-made default by all means."
Siluanov said Russia's external liabilities amount to about 20% of the total public debt, which stood at about 21 trillion roubles ($261.7 billion). Of that, about 4.5-4.7 trillion roubles were external liabilities.
Russia has not defaulted on its external debt since the aftermath of its 1917 revolution, but its bonds have now emerged as a flashpoint in its economic tussle with Western countries.
A default was unimaginable until recently, with Russia rated as investment grade in the run up to its Feb. 24 invasion of Ukraine, which Moscow calls a "special military operation" and which on Sunday intensified in eastern Ukraine.
"If an economic and financial war is waged against our country, we are forced to react, while still fulfilling all our obligations," Siluanov said. "If we are not allowed to do it in foreign currency, we do it in roubles." RTRS
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... mi sa di mezza farsa. I dollari liberi li hanno. Se vogliono pagano in dollari.Se no vuol dire che in realta di fare default non gliene frega nulla.
 
Russia Foreign Currency Ratings Cut To 'SD', Local Currency Ratings Kept At 'CC'; All Ratings Subsequently Withdrawn

Overview
  • It is our understanding that the Russian government made coupon and principal payments on its U.S. dollar-denominated Eurobonds in rubles when those payments were due on April 4, 2022.
  • We currently don't expect that investors will be able to convert those ruble payments into dollars equivalent to the originally due amounts, or that the government will convert those payments within a 30-day grace period, in part because we think sanctions on Russia are likely to be further increased in the coming weeks, hampering Russia's willingness and technical abilities to honor the terms and conditions of its obligations to foreign debtholders.
  • While it is also our understanding that funds transferred by the Russian government for debt service payments on its local currency bonds (OFZ) to Russian domestic accounts might not be available to some or all nonresident bondholders, definitive information on the payment process is currently not available to us.
  • Therefore, we lowered our unsolicited foreign currency issuer credit ratings on Russia to 'SD/SD' (selective default) from 'CC/C'. Our unsolicited local currency 'CC/C' issuer credit ratings on Russia remained on CreditWatch with negative implications.
  • We subsequently withdrew our unsolicited ratings on Russia in consideration of the EU's decision on March 15 to ban the provision of credit ratings to legal persons, entities, or bodies established in Russia, and our ensuing announcement that we will withdraw all our outstanding ratings on relevant issuers before April 15, 2022, the deadline imposed by the EU (see "S&P Global Ratings To Withdraw Ratings On Russian Entities," published March 21, 2022)."
Rating Action
On April 8, 2022, S&P Global Ratings lowered its unsolicited long- and short-term foreign currency issuer credit ratings on Russia to 'SD/SD' from 'CC/C'. At the same time, we kept our unsolicited 'CC/C' long- and short-term local currency issuer credit ratings on Russia on CreditWatch negative. We subsequently withdrew our ratings on Russia in consideration of the EU's decision on March 15 to ban the provision of credit ratings to legal persons, entities, or bodies established in Russia, and our ensuing announcement that we will withdraw all our outstanding ratings on relevant issuers before April 15, 2022, the deadline imposed by the EU (see "S&P Global Ratings To Withdraw Ratings On Russian Entities," published March 21, 2022).
As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009 "EU CRA Regulation"), the ratings on Russia are subject to certain publication restrictions set out in Art 8a of the EU CRA Regulation, including publication in accordance with a pre-established calendar (see "Calendar Of 2022 EMEA Sovereign, Regional, And Local Government Rating Publication Dates," published Dec. 16, 2021, on RatingsDirect). Under the EU CRA Regulation, deviations from the announced calendar are allowed only in limited circumstances and must be accompanied by a detailed explanation of the reasons for the deviation. In this case, the reason for the deviation is Russia's payment in rubles on its April 4 Eurobond obligations.
CreditWatch
At the time of the withdrawal, the foreign currency ratings were 'SD/SD' while the local currency ratings were on CreditWatch negative, indicating the high vulnerability of Russia's local currency debt to nonpayment.
Rationale
The foreign currency downgrade follows our understanding that the Russian government made coupon and principal payments on its U.S. dollar-denominated 2022 and 2042 Eurobonds in rubles when those payments were due on April 4, 2022.
Although the default could be remedied under a 30-day grace period allowed under the terms and conditions of the bonds, we don't expect that investors will be able to convert those ruble payments into dollars equivalent to the originally due amounts, or that the government will convert those payments within that grace period. This is in part because in our opinion, sanctions on Russia are likely to be further increased in the coming weeks, hampering Russia's willingness and technical abilities to honor the terms and conditions of its obligations to foreign debtholders.
Our ratings reflect our view of an issuer's ability and willingness to meet its financial obligations in full and on time as well as in accordance with the terms of the obligation, including in the agreed currencies.
While it is also our understanding that funds transferred by the Russian government for debt service payments on its local currency bonds (OFZ) to Russian domestic accounts might not be available to some or all nonresident bondholders, definitive information on the payment process is currently not available to us.
We also understand that a temporary exemption in U.S. sanctions that allows U.S. investors to receive Russian debt payments is due to expire May 25, 2022.
 
bia06 ha scritto:
Russia Foreign Currency Ratings Cut To 'SD', Local Currency Ratings Kept At 'CC'; All Ratings Subsequently Withdrawn

Overview
  • It is our understanding that the Russian government made coupon and principal payments on its U.S. dollar-denominated Eurobonds in rubles when those payments were due on April 4, 2022.
  • We currently don't expect that investors will be able to convert those ruble payments into dollars equivalent to the originally due amounts, or that the government will convert those payments within a 30-day grace period, in part because we think sanctions on Russia are likely to be further increased in the coming weeks, hampering Russia's willingness and technical abilities to honor the terms and conditions of its obligations to foreign debtholders.
  • While it is also our understanding that funds transferred by the Russian government for debt service payments on its local currency bonds (OFZ) to Russian domestic accounts might not be available to some or all nonresident bondholders, definitive information on the payment process is currently not available to us.
  • Therefore, we lowered our unsolicited foreign currency issuer credit ratings on Russia to 'SD/SD' (selective default) from 'CC/C'. Our unsolicited local currency 'CC/C' issuer credit ratings on Russia remained on CreditWatch with negative implications.
  • We subsequently withdrew our unsolicited ratings on Russia in consideration of the EU's decision on March 15 to ban the provision of credit ratings to legal persons, entities, or bodies established in Russia, and our ensuing announcement that we will withdraw all our outstanding ratings on relevant issuers before April 15, 2022, the deadline imposed by the EU (see "S&P Global Ratings To Withdraw Ratings On Russian Entities," published March 21, 2022)."
Rating Action
On April 8, 2022, S&P Global Ratings lowered its unsolicited long- and short-term foreign currency issuer credit ratings on Russia to 'SD/SD' from 'CC/C'. At the same time, we kept our unsolicited 'CC/C' long- and short-term local currency issuer credit ratings on Russia on CreditWatch negative. We subsequently withdrew our ratings on Russia in consideration of the EU's decision on March 15 to ban the provision of credit ratings to legal persons, entities, or bodies established in Russia, and our ensuing announcement that we will withdraw all our outstanding ratings on relevant issuers before April 15, 2022, the deadline imposed by the EU (see "S&P Global Ratings To Withdraw Ratings On Russian Entities," published March 21, 2022).
As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009 "EU CRA Regulation"), the ratings on Russia are subject to certain publication restrictions set out in Art 8a of the EU CRA Regulation, including publication in accordance with a pre-established calendar (see "Calendar Of 2022 EMEA Sovereign, Regional, And Local Government Rating Publication Dates," published Dec. 16, 2021, on RatingsDirect). Under the EU CRA Regulation, deviations from the announced calendar are allowed only in limited circumstances and must be accompanied by a detailed explanation of the reasons for the deviation. In this case, the reason for the deviation is Russia's payment in rubles on its April 4 Eurobond obligations.
CreditWatch
At the time of the withdrawal, the foreign currency ratings were 'SD/SD' while the local currency ratings were on CreditWatch negative, indicating the high vulnerability of Russia's local currency debt to nonpayment.
Rationale
The foreign currency downgrade follows our understanding that the Russian government made coupon and principal payments on its U.S. dollar-denominated 2022 and 2042 Eurobonds in rubles when those payments were due on April 4, 2022.
Although the default could be remedied under a 30-day grace period allowed under the terms and conditions of the bonds, we don't expect that investors will be able to convert those ruble payments into dollars equivalent to the originally due amounts, or that the government will convert those payments within that grace period. This is in part because in our opinion, sanctions on Russia are likely to be further increased in the coming weeks, hampering Russia's willingness and technical abilities to honor the terms and conditions of its obligations to foreign debtholders.
Our ratings reflect our view of an issuer's ability and willingness to meet its financial obligations in full and on time as well as in accordance with the terms of the obligation, including in the agreed currencies.
While it is also our understanding that funds transferred by the Russian government for debt service payments on its local currency bonds (OFZ) to Russian domestic accounts might not be available to some or all nonresident bondholders, definitive information on the payment process is currently not available to us.
We also understand that a temporary exemption in U.S. sanctions that allows U.S. investors to receive Russian debt payments is due to expire May 25, 2022.
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...è vecchia già postata almeno 3 volte-.
 
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