Ukraine Flash Notes

The Non-told Story

September 8, 2015Hernán Yellati & Guillermo Quiroga

Conflict in eastern-Ukraine is affecting the social development, bringing violence to the society. The government could be losing its ability to control social damage of the conflict, failing also to carry on good policies to avoid it. The debt agreement

Ukraine Flash Notes

Time is Running Out

August 4, 2015Hernan Yellati & Guillermo Quiroga

A key meeting between Ukraine and its creditors will take place on Thursday in London Donbas conflict escalated on Monday night, and it seems like it won’t end anytime soon IMF said that the Ukrainian economy remains fragile, but with

Ukraine Flash Notes

The Long Awaited Progress

July 16, 2015Guillermo Quiroga & Hernan Yellati

Ukraine-Creditors debt talks are having good results so far The Parliament approved several IMF-required laws to secure the next bailout disbursements The Parliament also approves a Minsk-Agreement-required law to achieve a sound peace process Washington debt talks between Ukraine’s Finance

Ukraine Flash Notes

Ukraine: At the edge of the cliff

February 4, 2015Hernan Yellati & Guillermo Quiroga

The conflict in the Donbas is dragging Ukraine to an economic and political crisis Without an active support of the West, the country may have serious difficulties this year Given the conflict escalation, we move to Underweight on Ukrainian debt

Ukraine Flash Notes

A new cabinet and a new cease-fire

December 3, 2014Hernan Yellati & Guillermo Quiroga

The government selected the cabinet with surprises in Finance and Economy ministries… …now the next step would be to implement reforms, but we remain cautious A new cease-fire agreement was reached in Luhansk region, but making it last will be

  • Thursday, December 14 2017


    - Yesterday, it took place the final auction of the ISDA in order to determine the payout for holders of credit-default swaps of PdVSA, which resulted in a valuation of the company bonds of 17.625 cents per dollar. We highlight that this means USD6.9 cents on the dollar less than the results of the auction for sovereign bonds – USD24.5 cents per dollar. This would mean that the bond holders will receive as payment USD8.24mn for every USD10mn insured.

    -The L

  • Wednesday, December 13 2017


    - The debt dispute between the Chinese company Sinopec and PDVSA was solved quite quickly as, according to the Financial Times, the parties would have agreed to settle for a total amount of USD21.5mn, slightly less than the USD23.7mn (plus punitive damages) that the first company would have asked. The newspaper quotes document files where PDVSA would have, allegedly, affirmed that they were trying to end the controversy rather than recognizing a fault. The debt will be converted into Chinese ren

  • Tuesday, December 12 2017


    - The National Electoral Council (CNE), through its website, presented the final results of the mayoral elections. According to this information from the total of 335 mayoralties, the government achieved a 92% victory –however, final results are not available yet. As we mentioned yesterday these results reflects the distrust citizens have in the Venezuelan electoral system. We consider that the above shows a more complicated scenario for the opposition, with a government that has managed to ga

  • Monday, December 11 2017


    - According to the first bulletin issued by the national electoral council, participation rate -as we stated in our Last Weekly Report- was below the 50% with 47.3% of the voters participating in yesterday’s electoral event. The low participation was totally evident throughout the whole Sunday, where electoral centers were significantly empty when compared to other ocassions. Only the results of the main mayoral offices were announced, of a total of 43 mayorships, only one was won by the oppos


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