fabriziof
Forumer storico
bravo , ottimo sapersi accontentare
cosa ne pensi di questa ?
5% PIRAEUS GROUP FINANCE (2017) - XS1048577529 - Börse Berlin
Penso che tanto vale andare sui tds
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (10 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Penso che tanto vale andare sui tds
fedro10
è la somma che fa il totale...
fedro10
è la somma che fa il totale...
bosmeld
Forumer storico
copio dal Fol questa news che mi pare molto interessante
Ukreximbank fails to reach repayment extension agreement
* Meeting adjourned on three-month extension plea
* No cross default risk on sovereign debt
* "Zero probability" of Ukraine hitting restructuring deadline
By Michael Turner
LONDON, April 14 (IFR) - The State Export-Import Bank of Ukraine has failed to reach a three month maturity extension agreement with noteholders on a bond due later this month, highlighting the difficulties of Ukraine's broader restructuring plans.
The financial institution has a USD750m 8.375% issue due on April 27, the same date it has set as a deadline for a new meeting, when the firm hopes to achieve quorum to extend the repayment date to July 27.
On Monday, a meeting was adjourned after Ukrexim failed to get sufficient support, which required two-thirds of holders of principal to attend and then three-quarters of those had to vote in favour.
Ukrexim's maturity extension proposal is part of a wider renegotiation of Ukrainian state-linked debt. The government is seeking to make US$15.3bn of savings by restructuring publicly held foreign debt, according to the terms of the International Monetary Fund's bailout programme.
However, Ukraine's ministry of finance has said that given the importance of Ukreximbank and another state-owned lender involved in the process, Oschadbank, to the country's economic recovery, their debt will only be subject to the IMF's programme target of easing liquidity strains, implying that neither banks' debt will be haircut.
Market observers are not surprised that bondholders have pushed discussions with Ukrexim to the brink, especially given the lack of any incentive fee.
"I can only assume that were hoping for some amazing outpouring of goodwill towards them in their time of strife. But unfortunately in the harsh world of financial markets they have discovered that when offered no cash incentive, people usually don't do very much," said a trader.
The bond was trading at a cash price of 62.55 on late Tuesday morning, according to Thomson Reuters, up about one point in the trading session.
NO CROSS-DEFAULT
If Ukrexim fails to meet its obligations, it will not cause a cross-default on the sovereign's debt as the note is not state-guaranteed, according to David Spegel, global head of emerging markets sovereign and credit strategy research at BNP Paribas.
"The next principal payment Ukraine must make is on a republic bond... I'm not including this month's Ukrexim maturity as it is not federally guaranteed and so no cross-default," he said. The sovereign bond payment comes due on September 23, Spegel added.
Some analysts have suggested that the US$15.3bn figure put forward by the IMF might not be enough to have any lasting impact on the country's debt burden. However, this view is not held by all.
"We completed our analysis of the situation earlier in the year and the figure the Fund has estimated is plausible," said Robert Burgess, Emerging Europe, Middle East and Africa chief economist at Deutsche Bank. "It's hard to be very definitive, especially in a situation as complex as this one."
Ukraine has an end-of-May deadline to finalize negotiations with creditors to restructure its publicly held debt, the country's ministry of finance said in a statement on April 4.
This process appears to be moving forwards, with Reuters reporting last week that five leading holders of Ukrainian sovereign and quasi-sovereign bonds have formed a creditors' committee to discuss the country's debt.
However, there are large doubts that the May deadline will be met.
"I give the chance of Jaresko's [Ukraine's minister of finance] end of May deadline a zero probability of success," Spegel at BNP Paribas told IFR. "A restructuring in less than three months is unheard of." (Reporting By Michael Turner; editing by Sudip Roy and Helene Durand)
Ukreximbank fails to reach repayment extension agreement
* Meeting adjourned on three-month extension plea
* No cross default risk on sovereign debt
* "Zero probability" of Ukraine hitting restructuring deadline
By Michael Turner
LONDON, April 14 (IFR) - The State Export-Import Bank of Ukraine has failed to reach a three month maturity extension agreement with noteholders on a bond due later this month, highlighting the difficulties of Ukraine's broader restructuring plans.
The financial institution has a USD750m 8.375% issue due on April 27, the same date it has set as a deadline for a new meeting, when the firm hopes to achieve quorum to extend the repayment date to July 27.
On Monday, a meeting was adjourned after Ukrexim failed to get sufficient support, which required two-thirds of holders of principal to attend and then three-quarters of those had to vote in favour.
Ukrexim's maturity extension proposal is part of a wider renegotiation of Ukrainian state-linked debt. The government is seeking to make US$15.3bn of savings by restructuring publicly held foreign debt, according to the terms of the International Monetary Fund's bailout programme.
However, Ukraine's ministry of finance has said that given the importance of Ukreximbank and another state-owned lender involved in the process, Oschadbank, to the country's economic recovery, their debt will only be subject to the IMF's programme target of easing liquidity strains, implying that neither banks' debt will be haircut.
Market observers are not surprised that bondholders have pushed discussions with Ukrexim to the brink, especially given the lack of any incentive fee.
"I can only assume that were hoping for some amazing outpouring of goodwill towards them in their time of strife. But unfortunately in the harsh world of financial markets they have discovered that when offered no cash incentive, people usually don't do very much," said a trader.
The bond was trading at a cash price of 62.55 on late Tuesday morning, according to Thomson Reuters, up about one point in the trading session.
NO CROSS-DEFAULT
If Ukrexim fails to meet its obligations, it will not cause a cross-default on the sovereign's debt as the note is not state-guaranteed, according to David Spegel, global head of emerging markets sovereign and credit strategy research at BNP Paribas.
"The next principal payment Ukraine must make is on a republic bond... I'm not including this month's Ukrexim maturity as it is not federally guaranteed and so no cross-default," he said. The sovereign bond payment comes due on September 23, Spegel added.
Some analysts have suggested that the US$15.3bn figure put forward by the IMF might not be enough to have any lasting impact on the country's debt burden. However, this view is not held by all.
"We completed our analysis of the situation earlier in the year and the figure the Fund has estimated is plausible," said Robert Burgess, Emerging Europe, Middle East and Africa chief economist at Deutsche Bank. "It's hard to be very definitive, especially in a situation as complex as this one."
Ukraine has an end-of-May deadline to finalize negotiations with creditors to restructure its publicly held debt, the country's ministry of finance said in a statement on April 4.
This process appears to be moving forwards, with Reuters reporting last week that five leading holders of Ukrainian sovereign and quasi-sovereign bonds have formed a creditors' committee to discuss the country's debt.
However, there are large doubts that the May deadline will be met.
"I give the chance of Jaresko's [Ukraine's minister of finance] end of May deadline a zero probability of success," Spegel at BNP Paribas told IFR. "A restructuring in less than three months is unheard of." (Reporting By Michael Turner; editing by Sudip Roy and Helene Durand)
fabriziof
Forumer storico
Conosco bene la faccenda e ho deciso di uscire ,Ukreximbank rischia seriamente il default il 27 aprile .
bosmeld
Forumer storico
sono molto curioso di vedere come va a finire da quel che ho capito il governo vuole cercare di trattare bene i possesori del debito bancario.
Almeno stando alle loro comunicazioni, ma se i soldi non ci sono...
fabriziof
Forumer storico
Si ,li vuole trattare bene ma non so se si puó permettere di ripagare il bond ,i soldi magari ce l'ha ma non puó permettersi di calare le braghe subito ,poco prima di una trattativa che si annuncia difficilissima.
sparviero7000
Forumer storico
General Shopping Finance 10% 2010-Perp USG3812BAB65 sul lux in bid ask attorno agli 80
angy2008
Forumer storico
una buona opportunità poteva essere la Alcatel 2029 in $ che se si realizza la fusione in Nokia avrebbe un miglioramento di rating ma i trader si sono già ben posizionati, la danno a 114 e la comprano a 102, gente onesta e preparata a assumersi dei rischi questi ... signori.
- Stato