The holders of Ukrainian bonds could lose around 35-50% of their invested funds if Ukraine uses the restructuring of the state debt, according to analysts from Goldman Sachs.

"Taking into account the fact that the decisions on the international financial support of Ukraine are actually political and it is hard to assess them, we leave aside the question of whether the country uses the restructuring of its liabilities. Instead of this, we've focused our analysis on an assessment of the potential losses of bondholders if the restructuring is announced. Thus, the assessment of stability of the debt shows that there is the necessity of writing off up to 35% of liabilities to retain the level of the debt burden at lower than 70% of GDP in 2015, while the analysis of the previous similar restructuring process foresees the writing off up to 50% of liabilities," reads a study of Goldman Sachs, a copy of which has been sent to Interfax-Ukraine.

If we assume the writing off of around 50% of the debt, the current quotations of Ukraine's eurobonds show that there is 15% likelihood of restructuring during one year, 35% - during five years and 41% - during eight years. If 35% of the debt is written off, the likelihood of restructuring during one year is 12%, during five years – 29% and eight years – 33%.