Enviado: 20/11/2009 22:33Esta noticia da Bloomberg explica melhor o que se passa naquela terra:
Resumindo:
1) A CP lá do sitio não pagou o que devia ao Barclays porque a crise está má para todos.
2) Este empréstimo do Barclays não está garantido pelo governo.
3) Existe um segundo empréstimo do Deutsche Bank que tem garantias explicitas do governo.
4) O mercado tem medo que essas garantias sejam accionadas e que o governo não cumpra.
5) Essa reacção do mercado é visível não só na curva de yields como no custo dos CDS (Credit Default Swaps).
PS: Estamos a falar de uma dívida (do DB) de cerca de 700 milhões. Possíveis efeitos em cadeia só se o detentor do CDS não for capaz de pagar mas o valor não é nada astronómico.
Nov. 20 (Bloomberg) -- Debt owed by Ukrzaliznytsya, the Ukrainian state rail company, doesn’t contain so-called cross- default clauses that would force redemptions on loans guaranteed by the government, according to a report by brokerage Dragon Capital today.
Ukrzaliznytsya has missed a principal payment on its $440 million three-year syndicated loan arranged by Barclays Capital in 2007, Dragon Capital said in its research note. The company’s other external liabilities include a $700 million seven-year loan from Deutsche Bank AG arranged in October 2004 and guaranteed by the government and a $120 million long-term loan from the European Bank for Reconstruction and Development dating from August 2004, according to the brokerage.
“While Ukrzaliznytsya said it was making timely payments on the EBRD loan, we do not rule out the company’s liquidity problems could complicate matters,” Dragon Capital said in its report. “On a positive note, we clarified with government lawyers that the $440 million loan, which had been arranged by Barclays, and the state-guaranteed Deutsche Bank facility were provided to two different legal entities and do not contain any cross default covenants.”
That means Ukrzaliznytsya could restructure the Barclays loan without forcing the redemption of its state-guaranteed liability, the report said.
“We expect the restructuring to be completed in the near future,” Dragon Capital analysts wrote.
Stocks, Bonds Fall
A Deutsche Bank spokeswoman and Barclays spokesman, both in London, declined to comment. Ukrzaliznytsya spokesman Eduard Zanyuk didn’t respond to calls made to his office and mobile phones. The Finance Ministry’s press service declined an immediate response, requesting questions be sent in writing.
The country’s benchmark PFTS Index of shares fell the most this month, dropping 1.7 percent.
Ukraine’s Eurobonds due 2011 dropped to 88 cents on the dollar today from 89 yesterday, increasing the yield to 17.5 percent from 17 percent.
Credit-default swaps on Ukraine government debt were unchanged at 32 percent upfront and 5 percent a year, according to CMA DataVision prices at 1:35 p.m. in London. That means it cost $3.2 million in advance and $500,000 a year to protect $10 million of bonds from default for five years.
Talks are continuing on restructuring Ukrzaliznytsya’s debt, the country’s acting Finance Minister Ihor Umanskyi on Nov. 18.
“We expect reaction of creditors by Nov. 30,” Umanskyi said, adding that Deutsche Bank isn’t included in the debt restructuring proposal.
Resumindo:
1) A CP lá do sitio não pagou o que devia ao Barclays porque a crise está má para todos.
2) Este empréstimo do Barclays não está garantido pelo governo.
3) Existe um segundo empréstimo do Deutsche Bank que tem garantias explicitas do governo.
4) O mercado tem medo que essas garantias sejam accionadas e que o governo não cumpra.
5) Essa reacção do mercado é visível não só na curva de yields como no custo dos CDS (Credit Default Swaps).
PS: Estamos a falar de uma dívida (do DB) de cerca de 700 milhões. Possíveis efeitos em cadeia só se o detentor do CDS não for capaz de pagar mas o valor não é nada astronómico.
