Bondholders face huge cuts

摘要

Ukrainian politicians slept a little easier last week after the IMF approved a US$17.5bn Extended Fund Facility, but bondholders are far from out of the woods as the country's minister of finance confirmed on Friday that they are expected to share some of the pain of an upcoming debt restructuring. The IMF agreed last Wednesday a four-year facility for Ukraine, based on a comprehensive economic reform programme. This new agreement replaces the US$17bn standby arrangement that the IMF put in place in 2014.