Restructuring settlement day today

13 ноября 2015 года

The Cabinet of Ministers of Ukraine adopted a resolution on the debt restructuring today in which the old bonds will be replaced with US$11.95bn of new bonds and US$2.92bn of warrants. Although the face value of the old bonds is larger, the current amount of bonds and warrants issue today will be the result of holders identified for participation in the deal. The distribution between the issues is not flat as each issue has its specific face value.

Investment implications: The current amount of the issuance shows that most bondholders participated in the deal. Those who held out are a small portion of the total bondholding pool, and they will have 150 days to participate in this deal. The largest hold-outs include those that hold bonds maturing in 2015 which should be replaced with new bonds maturing in 2019.

Источник: ICU

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