Titoli di Stato paesi-emergenti Obbligazioni UCRAINA
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fabriziof
Forumer storico
qquebec
Super Moderator
Ukraine debt talks continue, dollar bonds rise
UPDATE 1-Ukraine debt talks continue, dollar bonds rise | Reuters
Crucial debt payment deadlines looming for Ukraine are a $60 million coupon on Aug. 23 and a $500-million bond maturing on Sept. 23.
La deadline sarà il 23 settembre, non il 23 agosto
UPDATE 1-Ukraine debt talks continue, dollar bonds rise | Reuters
Crucial debt payment deadlines looming for Ukraine are a $60 million coupon on Aug. 23 and a $500-million bond maturing on Sept. 23.
La deadline sarà il 23 settembre, non il 23 agosto
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qquebec
Super Moderator
Ukraine anticipates default-saving debt deal
Ukraine anticipates default-saving debt deal | EurActiv
"We maintain our view that Ukraine will press the creditors for a nominal haircut of at least 25%," said Kyiv's ICU Group analyst Alexander Valchyshen.
Ukraine anticipates default-saving debt deal | EurActiv
"We maintain our view that Ukraine will press the creditors for a nominal haircut of at least 25%," said Kyiv's ICU Group analyst Alexander Valchyshen.
qquebec
Super Moderator
Ukraine Seeks Haircut on Debt Prior to September IMF Deadline
Ukraine Seeks Haircut on Debt Prior to September IMF Deadline - WBP Online
Ukraine Seeks Haircut on Debt Prior to September IMF Deadline - WBP Online
gabor1959
Nuovo forumer
MILANO (MF-DJ)--Il Governo ucraino ha trovato un accordo con i creditori
per la ristrutturazione del debito che prevede un haircut del 20% del
valore nominale dei bond e un'estensione delle scadenze di 4 anni.
L'accordo, spiega il Ministero delle Finanze ucraino, coinvolge i
creditori del Paese, tra cui anche il Fondo americano Franklin Templeton
Investments.
Kiev non dovra' inoltre pagare i tassi di interesse se la crescita
economica sara' inferiore al 3%, ma in caso di un tasso superiore
aumentera' i pagamenti. La cedola si attesta al 7,75%, poco superiore
rispetto a quella attuale.
per la ristrutturazione del debito che prevede un haircut del 20% del
valore nominale dei bond e un'estensione delle scadenze di 4 anni.
L'accordo, spiega il Ministero delle Finanze ucraino, coinvolge i
creditori del Paese, tra cui anche il Fondo americano Franklin Templeton
Investments.
Kiev non dovra' inoltre pagare i tassi di interesse se la crescita
economica sara' inferiore al 3%, ma in caso di un tasso superiore
aumentera' i pagamenti. La cedola si attesta al 7,75%, poco superiore
rispetto a quella attuale.
darkog
In Hoc Signo Vince..
gabor1959
Nuovo forumer
qquebec
Super Moderator
About the Agreement
The main elements of the agreement reached between the Ukrainian Government and the Ad Hoc Committee of Creditors are the following:
· Principal haircut: The deal agrees a 20% haircut on Ukraine’s stock of sovereign and sovereign guaranteed debt, having immediate debt relief totaling approximately US$3.6bn (US$3.8bn if a similar haircut is agreed on foreign currency loans of state-owned entities with a sovereign guarantee and City of Kyiv Eurobonds). This takes Ukraine’s privately held sovereign, sovereign-guaranteed and quasi-sovereign debt from c.US$19.3bn to c.US$15.5bn.
· Debt/GDP impact: Ukraine’s debt-to-GDP levels are lowered by an estimated 4.3% end 2015 projected GDP (latest IMF forecast of the Ukrainian GDP).
· Coupons: The level of coupons will be 7.75% (slightly higher than the current c.7.2% levels). It is lower than the coupons placed on bonds issued during July 2012 (9.25%) under the previous Government of Ukraine. Thanks to the lower overall principal, Ukraine’s annual interest payments in absolute terms are not significantly affected.
· Maturity extensions: Maturities have been extended to the period 2019-2027, compared with 2015-2023. It means that no sovereign debt will be amortized during the current IMF Extended Fund Facility program (2015-2018)
· Value recovery instrument:
The value recovery instrument is in the form of a real GDP growth warrant, providing potential upside to holders from 2021 to 2040 under the following terms (exact definitions and formulas can be found in the IHT):
o no payments if real GDP growth is below 3%,
o 15% of the value of the GDP growth between 3-4%, and
o 40% of the value of the GDP growth above 4%,
o total payments capped at 1% of GDP from 2021 until 2025, and
o no payments unless nominal GDP is higher than US$125.4bn (i.e. the GDP level that Ukraine should reach by 2019 according to IMF latest projections – current projection for end-2015 GDP is US$84.3bn)
· IMF program period savings: The cash flow postponed by the country during the IMF Extended Fund Facility (EFF) period 2015-2018 upon implementation of the deal is US$11.5bn of principal payments. It is an essential part of meeting the financing targets under the EFF (target 1).
Targeted launch of operation no later than on September 15.
Ministry of Finance of Ukraine
The main elements of the agreement reached between the Ukrainian Government and the Ad Hoc Committee of Creditors are the following:
· Principal haircut: The deal agrees a 20% haircut on Ukraine’s stock of sovereign and sovereign guaranteed debt, having immediate debt relief totaling approximately US$3.6bn (US$3.8bn if a similar haircut is agreed on foreign currency loans of state-owned entities with a sovereign guarantee and City of Kyiv Eurobonds). This takes Ukraine’s privately held sovereign, sovereign-guaranteed and quasi-sovereign debt from c.US$19.3bn to c.US$15.5bn.
· Debt/GDP impact: Ukraine’s debt-to-GDP levels are lowered by an estimated 4.3% end 2015 projected GDP (latest IMF forecast of the Ukrainian GDP).
· Coupons: The level of coupons will be 7.75% (slightly higher than the current c.7.2% levels). It is lower than the coupons placed on bonds issued during July 2012 (9.25%) under the previous Government of Ukraine. Thanks to the lower overall principal, Ukraine’s annual interest payments in absolute terms are not significantly affected.
· Maturity extensions: Maturities have been extended to the period 2019-2027, compared with 2015-2023. It means that no sovereign debt will be amortized during the current IMF Extended Fund Facility program (2015-2018)
· Value recovery instrument:
The value recovery instrument is in the form of a real GDP growth warrant, providing potential upside to holders from 2021 to 2040 under the following terms (exact definitions and formulas can be found in the IHT):
o no payments if real GDP growth is below 3%,
o 15% of the value of the GDP growth between 3-4%, and
o 40% of the value of the GDP growth above 4%,
o total payments capped at 1% of GDP from 2021 until 2025, and
o no payments unless nominal GDP is higher than US$125.4bn (i.e. the GDP level that Ukraine should reach by 2019 according to IMF latest projections – current projection for end-2015 GDP is US$84.3bn)
· IMF program period savings: The cash flow postponed by the country during the IMF Extended Fund Facility (EFF) period 2015-2018 upon implementation of the deal is US$11.5bn of principal payments. It is an essential part of meeting the financing targets under the EFF (target 1).
Targeted launch of operation no later than on September 15.
Ministry of Finance of Ukraine
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