Ukraine
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A debt payment standstill with private creditors expires next summer
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Energy company blamed the government for its default last year
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The invasion of Ukraine showed almost nothing is off the cards in Putin's Russia
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Unlike Ukraine's other state-owned issuers, Naftogaz is yet to secure full relief from bondholders
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Commitment will help Ukraine secure the approval of the IMF's executive for a new $15bn facility
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Ukraine's bondholders won't start new debt talks until 2024
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Bondholders have harshly criticised Naftogaz's conduct during debt relief talks
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MDB or national guarantees could help Ukraine issue again
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- Sergiy Nikolaychuk of Ukraine’s central bank offers an in-depth look at the country’s economy in wartime - Can the good times last in the primary bond market? - Real estate looks for refi rehab and direct lenders end up as owners
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Follows biggest year of social issuance for the development bank, including bonds earmarked to support Ukranian refugees
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Deal is intended to raise C$500m from retail investors in Canada
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The CDS auction for Russia will be held on September 12
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GC Asia ViewNews that toxic assets will be tradeable for a time and replacement corporate bonds are on the way could dent attempts to weaken the country’s financial system
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Meanwhile, auction for Russia CDS date narrowed
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Borrower may not care whether its offer is successful, said one analyst
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Process for Ukraine expected to be far easier than for Russia
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It is not possible to know what Ukraine will be able to offer, but it will not be much
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Ukraine sovereign comes through consent solicitation as investors also grant two state-owned issuers two years' relief from Eurobond payments
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Ukraine will find itself in 'awkward' position when negotiating with creditors
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The government has blocked Naftogaz from making payments, even though it wants to pay
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The new offer looks 'exactly like' the Ukraine's and its other state-owned issuers' consent solicitations
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A public spat between Ukraine and Naftogaz risks diminishing investor goodwill
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State-owned energy firm will wait for bondholders' response to Ukraine's offer
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Proceeds from the two notes will fund long-term loans to Ukraine and Moldova
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Two state-owned issuers will offer investors similar terms to the sovereign, unlike Naftogaz
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The sovereign has so far received little push-back in its debt relief discussions with investors
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Investors are showing 'very' strong support, said a source involved in the consent solicitation
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Other state-owned Ukrainian issuers continue to pay debts, including Ukreximbank
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It makes perfect sense for Ukraine to stop paying on its bonds. Any future restructuring will require similarly sensible thinking from all creditors
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Restructuring Ukraine's nearly $23bn of Eurobonds may be easier than expected
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Private investors have little doubt the international bondholders will aid Ukraine
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One investor queried whether Ukraine could afford a large back-payment of debt in two years' time
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Ukraine's plan would save $3bn in redemption payments alone
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The destruction wrought on Ukraine means it will eventually have to talk with investors about its debts, believe bondholders
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No consent fee offered for standstill
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