Contact us (+ 7 (921) 446-25-10)
×
Texting is available for authorized users.
Please register or log in at the website.
×
Your request for online training has been sent. Cbonds managers will be in touch with you shortly. Thank you!

Concorde Capital Research: Kyiv city completes restructuring for Eurobond holdouts

September 10, 2018 | Cbonds

The City of Kyiv (CITKIE) completed on Sept. 4 the exchange of its remaining USD 101.15 mln in Eurobonds maturing in Nov. 2015 for new notes with a 7.5% coupon maturing on Dec. 15, 2022, the city reported on Sept. 7. The new Eurobonds will be issued for USD 115.07 mln, according to the finance.liga.net news site.

Recall, the holders of USD 148.8 mln of CITKIE’15 notes voted to exchange them into 117.4 mln Ukrainian government Eurobonds (50/50 maturing in Sept. 2019 and Sept. 2020, respectively) as well as USD 36.9 mln in Ukraine’s GDP warrants. The exchange took place in December 2015. Those who failed to vote in favor of the exchange retained their 2015 notes. Ukraine's parliament allowed the Kyiv city government to avoid any payment on the remaining notes until a restructuring deal is reached.

Alexander Paraschiy: The holdouts - who exchanged their old CITKIE’15 notes for these new ones - seem to be slightly worse off than those who exchanged their notes in December 2015. For each USD 100 in old notes, the holdouts received USD 114 in new notes for a market value of about USD 105 mln (assuming market YTM of the new notes of 10%). Those who exchanged their notes in 2015, per USD 100 of old CITKIE notes, got state bonds priced currently at USD 92, as well as USD 18 in cash coupons in 2016-2018. Such treatment is definitely fair, and we consider the deal as a positive development for both the city and its holdout bondholders.

Issue: Kiev, 8.0% 6nov2015, USD

StatusDefaultCountry of riskRedemption (offer)VolumeEmission Rating (M/S&P/F)
redeemedYesUkraine11/06/2015250,000,000 USDNR/Withdrawn/Withdrawn

Company: Kiev

Full company nameKiev Municipal Council
Country of riskUkraine

Share:

Similar news:
minimizeexpand
200 000
issues: local and international bonds
170
countries
+7 812 336 97 21
pro@cbonds.info
200 000
issues: local and international bonds
170
countries
Сbonds is a global Fixed income data platform
+7 812 336 97 21
pro@cbonds.info
Data
  • Descriptive data on bonds
  • Bond Quotes from trading systems and market participants
  • Prospectuses and other issue documents
  • Credit ratings
  • Indices and indicators
  • Market news and analytical research
Analytical instruments
  • Multi-parameter bond database search
  • Bond Maps
  • Market calendar
  • Bond calculator
  • Watchlist and Portfolio management
  • Chart analysis
  • Mobile App and Excel Add-in Tool
Sign in or RegisterSubscription/Trial access
minimizeexpand
Cbonds is a global fixed income data platform
×