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May 27, 2015 - Cbonds
Ukraine’s state Ukreximbank reached a deal with 30% of holders to change terms on almost $1.5 billion of bonds. The restructuring deal includes 2015, 2016 and 2018 Notes and assumes 7 year maturity extensions, raises coupon payments, with no write-downs to principal holdings. Ukreximbank intends to launch a consent solicitation in early June pursuant to which the Notes will be exchanged for new notes.
EXIMUK Notes New terms:
2015 8.375%: New Maturity 4/2022; Redemption 50% in 2019, 50% Semi-Annually; Coupon 9.625
2016 8.4%: 2/2023; 50% in 2020, 50% SA; 6-mo Libor + 7%
2018 8.75%: 1/2025; 50% in 1/2021, 50% SA; 9¾
Art Capital view:
Ukreximbank creditors have received preferential treatment (no writedown) relative to the sovereigns because EXIMUK Notes don’t have government guarantees. Their bonds will only be used to meet the first of three IMF-mandated targets, which is to generate US$15.3 bln of savings during the four-year IMF program (2015-18). The successful restructuring terms of 2015 Notes may not automatically approximate to other Notes, we believe. The deal was backed by only 30% of creditors, while the other 70% may require smaller maturity extension for 2018 Notes, as IMF 1st target covers a period of 2015-18. EXIMUK 2018 rose by 200 bp to 70 after the announcement implying yield of 18%.
See more: Art Capital Research: Ukreximbank: 30% of bondholders agree to reprofile Notes
Ukraine’s state Ukreximbank reached a deal with 30% of holders to change terms on almost $1.5 billion of bonds. The restructuring deal includes 2015, 2016 and 2018 Notes and assumes 7 year maturity extensions, raises coupon payments, with no write-downs to principal holdings. Ukreximbank intends to launch a consent solicitation in early June pursuant to which the Notes will be exchanged for new notes.
EXIMUK Notes New terms:
2015 8.375%: New Maturity 4/2022; Redemption 50% in 2019, 50% Semi-Annually; Coupon 9.625
2016 8.4%: 2/2023; 50% in 2020, 50% SA; 6-mo Libor + 7%
2018 8.75%: 1/2025; 50% in 1/2021, 50% SA; 9¾
Art Capital view:
Ukreximbank creditors have received preferential treatment (no writedown) relative to the sovereigns because EXIMUK Notes don’t have government guarantees. Their bonds will only be used to meet the first of three IMF-mandated targets, which is to generate US$15.3 bln of savings during the four-year IMF program (2015-18). The successful restructuring terms of 2015 Notes may not automatically approximate to other Notes, we believe. The deal was backed by only 30% of creditors, while the other 70% may require smaller maturity extension for 2018 Notes, as IMF 1st target covers a period of 2015-18. EXIMUK 2018 rose by 200 bp to 70 after the announcement implying yield of 18%.
See more: Art Capital Research: Ukreximbank: 30% of bondholders agree to reprofile Notes
). Comunque c'è ancora trippa per gatti, secondo me
