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Weekly Lists
September 21, 2018 www.intellinews.com I Page 24
bne:Credit Ukraine’s natural gas
monopolist Naftogaz plans to issue $500mn- $1bn Eurobonds in October
Turkey’s banks agree to help businesses struggling to pay off debt amid currency crisis
Ukraine’s natural gas monopolist Naftogaz plans to issue between $500mn to $1bn Eurobonds in October 2018, Naftogaz board chair- man Andriy Kobolev said, reports Interfax.
"Yes, we will issue. I think that it will be in October," he told report- ers on the sidelines of the 15th YES Conference organised by the Victor Pinchuk Foundation in Kyiv on Saturday. Kobolev said that the funds will be raised to develop the company.
In late July 2018, Naftogaz hired law firm Freshfields Bruckhaus Deringer to assist in placing Eurobonds.
Turkey’s banks have agreed to assist businesses struggling to pay off debt amid the country’s currency crisis.
The move was announced by Turkey’s TBB banking association and buoyed the Istanbul stock exchange share prices of lenders by 6.4% d/d with investors taking the view the move could take the sting out of a significant amount of bad loan difficulties.
With the Turkish lira weaker against the dollar by around 40% in the year to date, the cost for companies of serving foreign currency loans has swelled.
Turkey’s outstanding private sector long-term foreign loans very slightly edged down to $221.62bn as of end-July from $221.68bn at end-June, central bank data showed on September 19. Companies are on the hook to pay $70.5bn within a year.
In the first half of the year Montenegro’s government failed to meet its fiscal target, but it is expected to continue the broad fiscal con- solidation and start reducing its general government debt below the 65% of GDP peak expected next year, rating agency Standard & Poor’s said, affirming the country’s B+/B ratings and stable outlook.
“The ratings on Montenegro remain constrained by its high net general government debt burden, which we expect will peak at 65% of GDP in 2019,” S&P noted. It added that Montenegro's unilateral adoption of the euro is worsening the situation as it leaves almost no room for monetary policy flexibility.
Montenegro to continue broad fiscal consolidation despite missing H1 target, S&P says