national joint stock company (NAK) Naftogaz Ukraine for the calculations for natural gas from Russia's Gazprom for July and August carried out a partial sale of bonds of internal state loan (Government Bonds) made to the share capital of NAC government Oschadbank with the obligation to return repurchase (repo-transactions).

According to the records of Naftogaz Ukraine and the government promulgated together with a proposal to restructure the Eurobond Naftogaz to $ 500 million, the first such transaction was completed on August 5 in the amount of $ 600 million, and the term of redemption begins on November 3 this year.

The second transaction took place Sept. 3 in the amount of 350 million UAH, and the term of redemption for her - 30 September this year.

The press service of Naftohaz Interfax-Ukraine has not yet been able to comment on whether the gas monopoly, has fulfilled its obligations under this transaction.

The disclosed materials also indicated that NAC was able to restructure its obligations Ukrainian banks amounting to 12.6 billion UAH, shifting their maturity from 2009 to 2010. Click to continue »

Global financial system on the road to recovery, but risks remain. This is stated in the new publication of the International Monetary Fund (IMF) on the stabilization of world financial markets.

According to the report of the IMF, it is now necessary to take additional measures to restore bank balance sheets, financial institutions were able to resume lending as needed to support economic recovery. Otherwise, the risks to the global financial system and the economy can grow again.

Analysts said the IMF, the gradual return of banks to capital markets and return them to profitability indicate that the global banking system is no longer on the verge of collapse. According to their data, over the last 6 months of the cancellation of bad assets fell by nearly $ 600 billion, and now their total volume is estimated at 3.4 trillion dollars, whereas previously written off was estimated at 4 trillion dollars, however, banks continue to face significant difficulties. Thus, in the I half of 2009 banks have announced a possible write-off of assets to 1.3 trillion dollars, but in the second half of this year may be made to write off another 1.5 trillion dollars Furthermore, banks require massive additional funding to cover writedowns and refinancing debt. Click to continue »

But even the success of the raid does not preclude litigation over the validity of the Cabinet of proposals to restructure the debts of the largest state holding, which concentrated the main financial flows Ukrainian oil and gas industry.

Today it is time to maturity of Eurobonds, Naftogaz Ukraine, released on $ 500 million, with yield 8.125% in 2004 on September 14 this year state holding executives began negotiations with creditors to restructure foreign debt obligations. Yesterday, in the framework of these negotiations, acting Minister of Finance Igor Uman and the head of Naftogaz Oleg Dubina held regular consultations with holders of Eurobonds NAC. But the fate of the securities will be finalized on October 19. On this day in London scheduled meeting, during which their owners will vote on the proposal of Naftogaz to restructure the payments.

in the Cabinet, which under the control of Naftogaz confident in the successful outcome of negotiations with creditors. Today I, as Prime Minister was a restructuring of this debt in order to save Naftogaz and Ukraine, and I tell you - the default, we will never allow us restrukturiziruem this debt and show you how to properly manage the economy, and the more a country of such debts will not take - says Yulia Tymoshenko.

This is a total debt of NAC (the equivalent of $ 4.5 billion), which includes $ 1.6 billion foreign debt and $ 2.9 billion debt to the Ukrainian banks (of which $ 2.7 billion, according to Renaissance Capital accounted for Oschadbank).

As reported by EI, last week, Cabinet approved a program of restructuring the external debt of Naftogaz. It involves the exchange of outstanding bonds for new bonds due in 2014 and with higher yield. The company asked the owners of eurobonds worth $ 500 million to agree to exchange 100% of their securities for new bonds, also denominated in dollars, with a coupon of 9.5% and the advantage of reinforcement of the sovereign guarantee of the Ukrainian state with the term of payment for these liabilities in September 2014 g. , - said the report of Naftogaz. It also contains the objective of restructuring - in part to meet the challenges before Naftohaz problem and reduce the financial risks of the company.

If the government of Yulia Tymoshenko can not reach an understanding with Western creditors of Naftogaz, the state holding could be faced with the threat of defaulting on its foreign currency bonds. But experts say such a scenario is unlikely.

To block a restructuring of debt of Naftogaz Ukrainy, is required to collect 25% of the vote. Company Corlblow, Eastern European asset manager, a team of NAC Eurobond holders, which hold securities with a total nominal value of about $ 100 million, in our view, this group of investors should act very responsibly and, in particular, do not stop trying to attract new supporters in reaching the threshold, after which she will be able to defend their interests, - the report said investment company Renaissance Capital. Click to continue »

State Commission for Regulation of Financial Services found that in some cases, the assets of insurance companies inflated thousands of times. Cause concern to the Commission and the results of audits, in which these violations are not specified. Auditors, who will be seen in the formal approach to verification, will be excluded from the registry.

under the control of the Department of temporary administration of financial and credit institutions Financial Services Commission will soon be handed over to three insurance companies, said department director Galina Tretyakov. According to her, under the supervision of the department will be 32 financial institution. Among them - five of risk insurance companies, three financial services companies, two private pension fund, an administrator of private pension funds, other - credit unions.

At the same time in three COP introduced interim administration, and in three cases, applied a financial recovery plan. Some NPF are either merging or at closing. In addition, the current shareholders of one of the NSPF decide on its merger or closure - she said.

In addition, the Financial Services Commission intends to initiate elimination of UK's Insurance Companies. Management did not return phone calls, the company does not pay the fines, at the location it was not detected - explained the Tretyakov. Previously, the Commission revoked all licenses of the insurance company. The reform of prudential supervision, which proclaimed the Financial Services Commission, since the new year will change the form supplied by insurers reporting.

In particular, the regulator will examine in detail the assets of insurers. Right now, insurers show just how much of your money in securities of the issuer is attached, but do not show the number of papers themselves. And when we asked for such information, one of the insurance companies find out the interesting picture. If, before checking the excess of the actual norm of the regulatory solvency was 62 million . Click to continue »

Today in the cash market in Ukraine the dollar and the euro continued to fall in price. Compared with the past average rates of buying and selling these currencies fell by 4.7 cents.

Thus, banks bought dollars to 8,18-8,35 UAH /USD. and sell to 8,35-8,47 UAH /USD. Course of purchase of cash euro makes 11,95-12,25 grn /euros, with sales - 12,25-12,50 grn /euros. Russian Ruble of 2,50-2,75 buy and sell - on 2,77 - 2,85 UAH for 10 rubles.

National Bank of Ukraine left for today without change of rate hryvnia against the dollar at 8.01 UAH /USD. At the same time, the regulator by 8 cents increased the official rate of the domestic currency against the euro - up to 11.653749 grn /euros. Russia's ruble rate set at 2.6618 grn for 10 rbl.

Trading on the interbank market as of 12:36 held in the range 8,1725-8,2180 UAH /USD., trades on the euro - 11,9670-12,0310 grn /euros, trading at a ruble - 0, 2715-0,2735 UAH /USD. Bidding on the dollar on the interbank foreign exchange market opened in the range of 8,276-8,319 UAH /USD. Click to continue »

 
  
 
 
  30.09.09 13:02 ;
  Russia stock market opened the session today price increases on the background of more costly oil. During the first minutes of trading on the MICEX index rose 0.24% to 1215.66 points, the RTS index rose by 0,2% to 1263.08 points. Marketable securities demonstrate OPPOSITE movement quotes.

continued rally in the Gaza IDC, the growth stocks exhibit MRSC of North Caucasus and IDC Holding, went up by 28,8% and 3,4% respectively.

In the outsiders are paper oil and gas sector: Gazprom reduced by 0.91%, Gazprom Neft - on 1,36%, LUKoil - on 0,97%, Rosneft - on 0,38 %. By 12.40 Moscow time, the November futures for Brent crude traded at $ 65.76 a barrel, Light - $ 67.06 per barrel.

European sites were opened in the green zone. To date, the FTSE rose by 0,224% to 5,171.29 points, on the DAX index rose 0.24% to 5,727.47 points, the CAC 40 index sostavlyaet3830, 5 points (0.43%). Futures on the SP has increased 0,284% and is at the level of 1057.8 points. ADRs of Russia's actions in London (in dollars per share) are: LUKOIL - 54,6, Norilsk Nickel - 12,58, Rosneft - 7.622%, Rostelecom - 29,32, Gazprom -- 23,65%.

By 12.40 Moscow time the MICEX index fell by 0,375% and amounts to 1208.2 points, the RTS index rose 0.02% to 1260.85 points. Trading volume on the MICEX exchange is $ 1 538.49 million

On the MICEX, the dollar yield 30.0144 rubles, for one euro - 43.8828 rubles. Thus, the value of currency basket has declined and now stands at 36.2656 rubles. By 12:40 Moscow time the euro /dollar is at 1.461. In the short run may further strengthening of the relative value of Russia's currency against the world's leading currencies. Given the continued high rates of price growth of financial markets of Russia, and against the background of continuing low inflation rates of Russia, the scenario is relatively significant weakening of Russia's currency on the international FX, might be postponed. At the same time, medium-term dynamics of the course RUB respect, especially the USD, still represented as bear in nature , - believed Alexander Osin, chief economist UK Finam Management . Click to continue »