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BANK OF AMERICA CORPORATION

(BAC)
  Report
Real-time Estimate Cboe BZX  -  05:23 2022-10-06 pm EDT
31.41 USD   -1.61%
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Ukraine's sovereign debt freeze to trigger CDS payments

08/19/2022 | 11:18am EDT
FILE PHOTO: A man with a jerry can walks next to a petrol station as drivers stay in line trying to buy fuel in Kyiv

LONDON (Reuters) - A panel of investors on Friday determined Ukraine had triggered a restructuring event after a two-year sovereign debt freeze, and a default insurance known as Credit Default Swap (CDS) should be payed.

The Credit Derivatives Determinations Committee (CDDC) said that its members voted 'yes' to a question to determine whether a "Restructuring Credit Event" occurred with respect to Ukraine and that a CDS auction should be held, according to a statement on its website.

The committee still hasn't decided on the timing of the auction.

There are just over $220 million worth of CDS contracts linked to Ukraine's debt, according to Depository Trust & Clearing Corporation (DTCC) data.

Bank of America, Goldman Sachs International and JPMorgan Chase Bank are some of the committee members who voted "yes" to the question.

The country's international creditors backed last week Kyiv's request for a two-year freeze on almost $20 billion of its sovereign debt.

(Reporting by Jorgelina do Rosario; editing by Rodrigo Campos and Toby Chopra)


© Reuters 2022
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Analyst Recommendations on BANK OF AMERICA CORPORATION
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Financials (USD)
Sales 2022 93 649 M - -
Net income 2022 25 997 M - -
Net Debt 2022 - - -
P/E ratio 2022 10,0x
Yield 2022 2,70%
Capitalization 256 B 256 B -
Capi. / Sales 2022 2,74x
Capi. / Sales 2023 2,51x
Nbr of Employees 210 000
Free-Float 99,9%
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Technical analysis trends BANK OF AMERICA CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 31,92 $
Average target price 41,37 $
Spread / Average Target 29,6%
EPS Revisions
Managers and Directors
Brian T. Moynihan Chairman, President & Chief Executive Officer
Alastair Borthwick Chief Financial Officer
Catherine P. Bessant Vice Chairman-Global Strategy
Aditya Bhasin Chief Technology & Information Officer
Steve D. Boland Chief Administrative Officer
Sector and Competitors