Investors are concerned about the pace of Kiev against debts Naftogaz

Written by admin on August 6th, 2009

Statement by the Ukrainian Ministry of Finance of the need to restructure its Eurobonds NAK Naftogaz Ukraine for $ 500 million, the maturity of which is at the end of September, has caused consternation among some investors, writes British Financial Times.

Eurobonds belong to a broad range of investors outside of the Ukraine, and sometimes regarded as the equivalent of sovereign securities.

If the most important Ukrainian company can not fulfill their obligations to the hope that the rest? This will be equivalent to default and give a very bad signal to the investment community, - said analyst Royal Bank of Scotland Tim Ash. He recalled that the previous Ukrainian government has repeatedly stated that it would be willing to support the company.

the eve of the Acting Minister of Finance Igor Umansky told reporters that the conviction of the need to restructure the debt of NAC.

Given the fact that payments are at the end of September, we will accelerate this work (on the restructuring of Eurobonds), - he said to journalists in Kiev on Wednesday. - Unfortunately, the negotiation process to attract resources from the European Commission and international financial organizations include, but prospects for a temporary mess. I am confident that the restructuring of the debt NJSC needed.

Earlier the Government of Ukraine has formally request the Ministry of Finance and NAK Naftogaz of Ukraine to take measures to restructure the debt gosholdinga on external borrowing and reduce the cost of care given to him by lending that led to dramatic increases in yield Eurobond company.

NAK Naftogaz of Ukraine unites the largest oil and gas producing enterprises. A monopoly on the transit and storage of natural gas in underground storage facilities, as well as oil transportation pipeline in the territory of Ukraine.

Kiev this week held a series of payments on external debt, a further tranche of loans from the International Monetary Fund at $ 3.3 billion additional $ 1.7 billion Ukraine must provide under the agreement, other international financial institutions.

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