Wie ihr ja wisst, habe ich eine Menge Ukraine Bonds so um die 40% - 45 % eingesammelt.....da ist untenstehendes Exit-Yield-Scenario bei verschieden Haircuts natürlich sehr interessant......den 14Seiten Report gibts bei mir gegen email rolfjkoch@web.de

Wie ihr ja wisst, habe ich eine Menge Ukraine Bonds so um die 40% - 45 % eingesammelt.....da ist untenstehendes Exit-Yield-Scenario bei verschieden Haircuts natürlich sehr interessant......den 14Seiten Report gibts bei mir gegen email rolfjkoch@web.de

Ukraine Märklin Bond....in 7 Wochen +47% oder 34.500 EUR Gewinn

International bonds: Ukreximbank, 2015 (LPN) (XS0503737461, A1AWHS)

The government is very unlikely to help in therestructuring of this bond, given the lack of time. That said, each day of delay in the bank’s restructuring request increases the chance that Ukreximbank will have to repay its April bond.

Ukraine starts restructuring talks on debt maturing 2015-18

Ukraine Finance Minister Natalie Jaresko announced during her March 13 conference call the start of consultations with holders of all state, state-guaranteed and quasi-state debt on the possible parameters of its restructuring. The restructuring discussion may result in the extension of debt maturity, the revision of the coupon rate and the reduction of the face value of debt, according to Jaresko. The financial account savings for Ukraine from the restructuring may reach up to USD 15.3 bln during the IMF program period, which is 2015-2018.

The debt operation will include government Eurobonds (USD 9.7 bln maturing in 2015, 2016 and 2017, including the USD 3.0 bln debt to the Russian State Welfare Fund), the Eurobonds of Ukrainian Infrastructure Fund (USD 1.8 bln, maturing in 2017 and 2018), the Eurobonds of Kyiv city (CITKIE, USD 0.55 bln maturing in 2015 and 2016), as well as the guaranteed debts of state enterprises.

The plan also encompasses the restructuring of the Eurobonds of state Oschadbank (OSCHAD, USD 1.2 bln maturing in 2016 and 2018), Ukreximbank (EXIMUK, USD 1.5 bln maturing in 2015-2018) and Ukrzaliznytisa (RAILUA, USD 0.5 bln maturing in 2018). However, Jaresko noted that these entities will undergo a separate negotiating process to address their particular situations.

The debt operation is scheduled to be finalized by mid-June 2015, as discussed with the IMF, while MinFin is targeting to finish them earlier.

Alexander Paraschiy: Now it’s the debt holders’ turn to express their readiness for concessions on the bond restructuring. We wish the government success, but see little reason for bondholders to agree on any coupon cuts or face value cuts. Tough talks with creditors are also anticipated by the Financial Times, which reported it its March 15 article that holders of about 50% of Ukraine’s Eurobonds formed a block and hired advisers to better protect their position.

It would be a great result for the government if it reaches agreement with all debt holders on the maturity extension of all the 2015-2018 debt for five to eight years. At this stage, even such an outcome does not look guaranteed. The most critical item would be USD 3.0 bln in Russian debt that matures in December 2015 (the biggest repayable this year).

The nearest Eurobond due on the government list is Ukreximbank’s 750 mln note (April 27). The bank has yet to offer something to its bondholders in case it wants to get a waiver for a maturity extension. The government is very unlikely to help in therestructuring of this bond, given the lack of time. That said, each day of delay in the bank’s restructuring request increases the chance that Ukreximbank will have to repay its April bond.

Another concern raised by the talks is whether Ukraine will offer any restructuring on its domestic USD-denominated bonds. Our understanding that these bonds will not be included: the core goal of the initiated restructuring talks is the improvement of Ukraine’s balance of payments, while local bond restructuring won’t help much to achieve this goal.

 Concorde Capital

Ukraine Daily 16.3.2015

8.375 Biz Fin 15 - 27.04.2015 8 3/8 % Loan Participation Notes:Biz Finance PLC (formerly Biz Finance PLC (SPV of Ukreximbank) (duplicate of GK509599)):2010-27.4.15 -The State Export-Imp Bk of Ukraine- Reg-S Sr (XTR) // wird er oder wird er nicht.....ich gehe davon aus das er nicht gehaarcuttet wird....!!!

8.375 Biz Fin 15 - 27.04.2015 8 3/8 % Loan Participation Notes:Biz Finance PLC (formerly Biz Finance PLC (SPV of Ukreximbank) (duplicate of GK509599)):2010-27.4.15 -The State Export-Imp Bk of Ukraine- Reg-S Sr (XTR) // wird er oder wird er nicht.....ich gehe davon aus das er nicht gehaarcuttet wird....!!!

8.375 Biz Fin 15 - 27.04.2015 8 3/8 % Loan Participation Notes:Biz Finance PLC (formerly Biz Finance PLC (SPV of Ukreximbank) (duplicate of GK509599)):2010-27.4.15 -The State Export-Imp Bk of Ukraine- Reg-S Sr (XTR)

69.125% USD  13.03.2015 21:10 Mid

+4.89% +3.23 USD

18.9% Volat. 180d

23.821% Yield

27.04.2015 Maturity

Symbol	ISIN	Type	Industry	Domicile	Exchange
	XS0503737461	Straight bond	Holdings/Finanzgesellschaften	Vereinigtes Königreich	TRAX (186)

	Übersicht		Details Andere Börsen		Chart		Verwandte Instrumente

Anzahl der Listings: 6

Referenzwährung:AEDAUDCADCHFDKKEURGBPHKDJPYNOKNZDSARSEKSGDUSDZAR--- alle ---ADPAEDAFAAFNALLAMDANGAOAARPARSARYAUDAWGAZNBAMBBDBDTBGLBGNBHDBIFBMDBNDBOBBRLBSDBTNBWPBYBBYRBZDCADCDFCHFCLFCLPCMGCNYCOPCRCCUPCVECZKDJFDKKDOPDZDECSEGPERNETBEURFJDFKPGBPGELGHSGIPGMDGNFGQEGTQGWPGYDHKDHNLHRDHRKHTGHUFIDRILSINRIQDIRRISKJMDJODJPYKESKGSKHRKMFKPWKRWKWDKYDKZTLAKLBPLKRLRDLSLLTLLVRLYDMADMDLMGAMGFMKDMLFMMKMNTMOPMROMTPMURMVRMWKMXNMXVMYRMZEMZNNADNGNNICNIONOKNPRNZDOMRPABPENPESPGKPHPPKRPLNPLZPYGQARROLRONRSDRUBRURRWFSARSBDSCRSDGSEKSGDSHPSLLSOSSRDSRGSTDSVCSYPSZLTHBTJSTMTTNDTOPTPETRLTRYTTDTWDTZSUAHUAKUGXUSDUYIUYPUYUUZSVEFVNCVNDVUVWSTXAFXCDXOFXPFYERYUDYUMYUNZARZMKZRNZWL CHF

Exchange	Ccy.	Close	Bid	Ask	Price	Chg. %	Time	Volume	Last in CHF
Boerse Berlin (18)	USD	65.19	-	-	65	−0.29%	16:56:42	100'000	65.35
Deutsche Boerse AG (13)	USD	63.5	65.25	73.75	65.75	+3.54%	10:10:36		66.1
Diverse Kursstellungen In / Ausland (245)	USD		-	-	-
SIX Swiss Exchange (4)	USD		-	-	78.5	±0.00%	07.01.15		78.92
TRAX (186)	USD		68.25	70	69.125	+4.89%	21:10:52		69.49
ZKB Zurcher Kantonalbank Kurse (203)	USD		-	-	100.25		14.01.13		100.7

One creditor whose fund is invested in Ukraine said the negotiations would be difficult. "I don't know what the Russian government will say about getting a haircut. Without their agreement on the $3 bln bonds, can Ukrainians do the restructuring?," he said by telephone.

UPDATE 1-Ukraine's debt restructuring to include haircuts - Fin. Minister

Fri Mar 13, 2015 1:02pm EDT

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(Reuters) - Ukraine's external debt restructuring will involve principal writedowns as well as maturity extensions and coupon reductions, Finance Minister Natalia Yaresko told a conference call with creditors and media on Friday.

Ukraine is seeking to plug a $15 billion-plus funding gap by restructuring debt held by investors including Franklin Templeton, PIMCO and Blackrock. Until now it has not been clear if creditors would be asked to accept a writedown, or haircut, on their initial investments.

The debt deal will "probably involve a combination of maturity extensions, coupon reductions and principle reductions. The proportion of each of these elements will be discussed with creditors," Yaresko said

She said the external debt of some Ukrainian state-owned firms including Oschadbank and Ukreximbank, whose $750 million bond matures on April 27 2015, will be included in the restructuring, as will eurobonds issued by the city of Kiev.

Three bond issues of Ukrainian infrastructure fund Fininpro amounting to a total of $1.8 billion maturing in 2017 and 2018 will also be part of the restructuring.

Questions remain over whether Russia, which holds $3 billion of Ukraine bonds maturing in December, will participate in the restructuring, but Yaresko reiterated Ukraine would treat all of its creditors alike.

One creditor whose fund is invested in Ukraine said the negotiations would be difficult.

"I don't know what the Russian government will say about getting a haircut. Without their agreement on the $3 bln bonds, can Ukrainians do the restructuring?," he said by telephone.

The Finance Ministry hopes to conclude the talks by June, Yaresko said.

Dollar bonds fell across the curve with the 2017 issue down 1.3 cents in the dollar to 44.2 cents < XS080875819=TE> and the 2022 issue losing 1.5 cents according to Tradeweb data.

The Ukreximbank bond fell 1.8 cents in the dollar but is still trading at 65 cents or significantly higher than its sovereign counterparts.

The first sovereign debt due for repayment is a five-year $500 million bond maturing on Sept. 23.

(Reporting by Natalia Zinets and Gabriela Baczynska, additional reporting by Sujata Rao in London; Writing by Alessandra Prentice; Editing by Tom Heneghan)

http://www.reuters.com/article/2015/03/13/ukraine-crisis-debt-idUSL5N0WF3A420150313