13:26 17.04.2015

Ukraine may tell Ukreximbank creditors that bank may default on its debt - FT

2 min read
Ukraine may tell Ukreximbank creditors that bank may default on its debt - FT

Ukraine plans to tell bond holders of state-run Ukreximbank on Friday that the bank will announce it will default on its eurobonds unless the creditors agree to reschedule repayments on these bonds, the Financial Times had reported.

Ukraine's Finance Minister Natalie Jaresko, who is currently attending a International Monetary Fund meeting in Washington, will probably announce that a three-month extension on debt issued by Ukreximbank is crucial to the success of the country's sovereign-debt restructuring, FT said.

A small group of investors, who have demanded the full and timely repayment of the bonds, complicate Ukreximbank's negotiations with its creditors for the prolongation of the terms of the bonds maturity. Earlier in April, the bank failed to receive the consent of the majority of its creditors to reschedule the payment. The last attempt to reach the agreement will be made on April 27, which is the maturity date for Ukreximbank's eurobonds issued to the tune of $750 million.

Ukraine has until June to reach a general agreement on the debt restructuring with the holders of its eurobonds, including those issued by Kyiv and a number of state-owned banks and companies, which is a condition for receiving the next tranche from the International Monetary Fund. However, full-fledged negotiations between Ukraine and its creditors have not started yet.

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