Ukraine Flash Notes

Amid Positive News and Legal Threats

January 25, 2017BancTrust & Co. Research Team

Expectations on Ukraine are getting bigger this year, since harder times seem to have passed. The first positive result of the year shows us that the Consumer Price Index (CPI) in 2016 remained in line with the National Bank of

Ukraine Flash Notes

2017: An Opportunity for Further Improvement

December 23, 2016BancTrust & Co. Research Team

During 2016, the Ukrainian economy has demonstrated some advance, and the latest results hint towards positive perspectives. According to the State Statistic Service of Ukraine, GDP increased 2% y-o-y and 0.5% q-o-q in 3Q16 while accumulating a 1.2% YTD increase.

Ukraine Flash Notes

The End of Yatsenyuk’s Road

April 11, 2016Hernán Yellati, Guillermo Quiroga & Oriana Covault

Prime Minister Arseniy Yatsenyuk announced his resignation on Sunday Parliament speaker Volodymyr Groysman is expected to be the next Prime minister, while Natalie Jaresko would be leaving the finance Ministry It remains to be seen if the new government will

Ukraine Flash Notes

Baby Steps

September 28, 2015Guillermo Quiroga & Hernán Yellati

· Ukrainian Central Bank cut borrowing rates from 27% to 22% · International Financial Institutions lent Naftogaz USD500mn to begin gas imports after Ukrainian-Russian gas deal is signed · A Dutch referendum could bring down trade with the country’s 3rd

Ukraine Flash Notes

Debt Under Control?

September 24, 2015Guillermo Quiroga & Hernán Yellati

• Ukraine froze payment on an USD500mn principal due 20 September • Ukraine is on a “potential moratorium” according to ISDA. A meeting on Friday could lead to CDS payments, but we see it unlikely • Seems like the country

  • Monday, September 25 2017
    Venezuela:

    - Last Friday, the government of Canada announced economic sanctions on key Venezuela’s officials which affects 40 individuals who have played a key role in Maduro´s regime. In detail, these sanctions prohibit any person in Canada or any Canadian outside the country to have any type of economic relation with these members of the Venezuelan government. We see that the consequences of this sanctions are very similar to those applied by the United States government, affecting only individuals, reason why we do not expect the conse

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  • Thursday, September 21 2017

    Venezuela:

    - Yesterday rumors started of the country being late on the payment of an USD185mn coupon of the VENZ27, which had to be canceled on September 15. Nevertheless, near the end of the day the national public credit office said that it sent the money on time to the corresponding financial institutions and the delay is due to "operational changes" in order to make future financial transactions effective. Furthermore, the credit institution reiterated Venezuela’s commitment in paying its debt and ca

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  • Tuesday, September 19 2017
    Venezuela:

    - According to some new information, it seems that PetroChina Americas is revising its oil for cash agreements with PDVSA after the US sanctions were imposed, which would made them unable to act as an agent to commercialize Venezuelan crude. In detail, there is no change –as the sanctions detailed- in the ongoing contracts; the effect comes for the intention to renew or to extent the terms of the existence contracts. Read More >>

  • Friday, August 25 2017
    Venezuela

    -Yesterday, it was known that some representatives of the Venezuelan government has been trying to reach a general agreement in China that comprises the creation of a sub-fund for the repurchase of Venezuelan debt –sovereign and PDVSA’s- which will allow the government to take advantage of the savings made when buying at discount the bonds with maturities in 2017 and 2018, savings are calculated around USD700mn. The final strategy will be to swap at maturity the bonds that are repurchase for new PDVSA’s debt with maturities

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