
Ukrainian debt holders brace for restructure
Investors could see a 40% haircut on the bonds, but it’s never that simple

How much money are the holders of Ukrainian government bonds about to lose? The country must make a $900 million foreign debt payment in September, yet it faces a funding gap of $5 billion every month, the country’s finance minister Serhiy Marchenko has said.
Losses are inevitable. The size of those losses is negotiable. “If you’re a hedge fund and you hold bonds in a country that’s getting restructured, you’re going to get hosed,” says a former banker.
The conflict engulfing Ukraine has
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