Ukrainian debt holders brace for restructure

Ukraine’s capital Kyiv: the country has sold war bonds to help fund its ongoing conflict with Russia

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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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