Experts: Increased tensions around Eurobond Naftogaz has led to an increase in their yield

Eurobonds Naftogaz Ukraine with the repayment of 30 September 2009 showed last week increased the yield from 225.4% to 236.5%, which is associated with increased tension on the future release. This is stated in the analytical report prepared by the investment group (IG) Socrates.
As noted in the report, the government and the company's management has shown its willingness to restructure the issue, while the holders of securities (20%) indicated their intention to veto the voluntary restructuring, thereby forcing the company to pay a debt in full or in fact announce default and to prepare for litigation.

Analysts IG Socrates is also noted that against the backdrop of tensions with the quasi-release of Naftohaz, the yield on government securities Ukreximbank bonds due 23 September 2009 also jumped from 34% to 35.8%, while yield on a long-term issues maturing in 2011 decreased slightly - from 14,7% to 14,1%.

As reported, 5 August, the Acting Minister of Finance Igor Umansky told reporters that the conviction of the need to restructure the debt of Naftogaz Ukraine .

Previously, the Government of Ukraine has officially instructed the Ministry of Finance and NAK Naftogaz of Ukraine to take measures to restructure the debt of state holding on external borrowing and reduce the cost of servicing loans granted to him, which led to a sharp increase in the yield eurobonds of the company.
At the same time, Russia's group of investors that includes former head of the division of Gazprom, is trying to block an attempt by NAK Naftogaz of Ukraine to restructure its bond issue to $ 500 million maturing in September 2009.

company registered in Belize Corlblow, representing the interests of Russia's investors, forming a group of bondholders in order to veto any possible suggestion of Naftogaz to restructure the bonds.

Help. 30 September 2009 deadline for repayment of the Eurobond NAK Naftogaz Ukraine, issued in 2004. The issue amount is $ 500 million

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