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09:50 To benefit defaulted Naftogaz | |
 Today, 30 September, NAK Naftogaz Ukraine "should repay Eurobonds for $ 500 million, or announce an agreement on debt restructuring with the holders of 75% of the Eurobond. Today, 30 September, NAK Naftogaz Ukraine "should repay Eurobonds for $ 500 million, or announce an agreement on debt restructuring with the holders of 75% of the Eurobond. If the NAC does not, on this Eurobond issue will be defaulted. Recall that the proposal to restructure the terms of the holders of Eurobonds received only on 24 September. A presentation of new Eurobond issues (they will exchange the old bonds issue) "Naftogaz» (road-show) began on 28 September and will continue until the end of the week. This "case" said the head of the press service of Naftogaz Valentin Zemllyanskiy. "From" Naftogaz 'participation in road-show taking Oleg Dubina (Chairman of the Board. - "Case") and Igor Didenko (Deputy predpravleniya. - "Case"). The presentation will take place in London "- added Valentin Zemllyanskiy. Experts in solidarity in the opinion that Naftogaz is not able to agree with 75% of investors. "By September 30 (cegodnya. -" Case ")" Naftogaz "will not have time to reach 75% of the holders of Eurobonds is no agreement, so as of 5 October (five days after default. -" Case ") Committee of the definition of credit events may not assign this Eurobond status of default ", - explains a senior analyst at Astrum Investment Management Sergey Fursa. However, the mere fact that a default can not be held for Naftogaz any special difficulties. Market participants believe that ultimately he will be able to restructure this issue at the close of the announced September 23 environment: a five-year period of treatment, the coupon yield at 9.5% and a sovereign guarantee. Spree joy However, there is part of financiers, which is very beneficial in default on Eurobonds Naftogaz. These are the holders CDS (credit-defolnyh swaps) for the debts of Naftogaz. In this case it is not just about the CDS, were released on eurobonds of Naftogaz, defaulted on its bond obligations NAKa lead to the fact that the "play" the criterion of payment for all CDS, released on the debts of Naftogaz. In 2004-2008, Naftogaz actively attract loans from the big European banks and to reduce the credit risk of the financial institution a portion of these debts were buying CDS ", - explains an analyst at Renaissance Capital, Petr Grishin. At present, foreign creditors of Naftogaz are Credit Suisse ($ 550 million), Deutsche Bank ($ 395,2 million) and Depha Bank ($ 220 million.) banks willing to buy CDS, because in 2006 the cost of insurance against default of Naftogaz fluctuated around 300-600 basis points ( 3-6% of the insurable amount). However, the holders of CDS are not only the creditor banks. Buy CDS can be any investor, while he often does not necessarily have to own the underlying asset to which this insurance is available, "- explains a senior analyst at Phoenix Capital Maria Mayboroda. Amount murky Now no one can give a definite answer on how much money had been issued CDS on the debt of Naftogaz, and, accordingly, how CDS will be charged to maturity. "This market has until recently remained completely opaque CDS seller can make almost any major bank or fund. For example, the largest seller of CDS in its time was Lehman Brothers. Buy them, too, can anyone, with these deals could never register ", - says Sergey Fursa. According to Peter Grishina, the total amount of CDS "Naftogaz" is from $ 180 up to 800 million Also, there is no market information about who is the biggest seller of insurance for the CDS, which will have to pay insurance. "The sellers of CDS" Naftogaz were major investment and hedge funds located in London ", - said Petr Grishin. Lucrative business Some domestic capital market participants believe that the CDS "Naftogaz" is one of the reasons why the restructuring of Eurobonds NAKa was very prolonged and was not completed before the maturity date on September 30. "Perhaps part of the holders of CDS - is someone close to decision-making regarding the restructuring of eurobonds of Naftogaz, then it becomes clear why these delays were necessary and illogical actions during the restructuring. Having bought in May and June of CDS for 15-25% of the nominal value of the insured debt, they will now pay 100% ", - said the head of one investment company. Swaps Credit-default "(CDS) represent a market of insurance companies and governments default on debts. In the event of issuer default CDS seller pays the buyer a nominal amount of debt, for example, bonds in exchange for the bond itself, or the amount of money, which estimated its current value. | |
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