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

  • Wednesday, November 15 2017

    Venezuela:

    - Amid uncertainty after the investors meeting, the attention continues to be on the interest payments which grace period expired this week (PDV’27, VENZ’19 and VENZ’24) and the call for default for both Venezuela and PdVSA. In this sense, the ISDA which is in charge since last week of assessing a credit default decision over the PDV’17 payment (which also arrived later than the day expected) said that they will meet again on Thursday with a deadline until Friday to make any decision on

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  • Tuesday, November 7 2017

    Venezuela:

    - The selloff in sovereign and quasi-sovereign curves continued yesterday, with the first leading with an average 11.47% drop – thanks mostly to the whopping correction of both VENZ’18, as the old fell 51.73% and the new decreasing 48.64%. Meanwhile, the PDVSA curve closed the day with a -4% average result. This situation is likely to continue, in our view, for as long as payments of coupons in grace period are not being made, situation aggravated by the closeness of the deadlines of each gr

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  • Thursday, November 2 2017

    Venezuela:

    - After yesterday’s comments of the Depository Trust Company of Venezuela’s bond payments, confirming the transaction and extra official information about some holders that already received payment on 2020 bond, the Venezuelan bonds showed positive movements. In this sense, we can use the PDV’20 experience to expect a similar process for the funds of the PDVSA 2017N to matured today for a total amount of USD1.170mn between principal and interest, with an announcement of the payment during

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  • Wednesday, November 1 2017

    Venezuela:

    - Until today 01 January 2017, will be held the process to postulate for the municipal elections, which are expected for around 10 December. However, there is no clear information on the ongoing process and the opposition response has not been clear either. In detail, seven opposition parties has decided to not participate in the next electoral process, however we do not discard that some of its member could –at the very last minute- decide that they will participate as an independent candidat

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