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Lending volumes and bond issuance from Turkey have plummeted this year -
Meanwhile, auction for Russia CDS date narrowed
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Borrower may not care whether its offer is successful, said one analyst
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Process for Ukraine expected to be far easier than for Russia
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It is not possible to know what Ukraine will be able to offer, but it will not be much
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Ukraine sovereign comes through consent solicitation as investors also grant two state-owned issuers two years' relief from Eurobond payments
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The government has blocked Naftogaz from making payments, even though it wants to pay
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The new offer looks 'exactly like' the Ukraine's and its other state-owned issuers' consent solicitations
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A public spat between Ukraine and Naftogaz risks diminishing investor goodwill
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State-owned energy firm will wait for bondholders' response to Ukraine's offer
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Proceeds from the two notes will fund long-term loans to Ukraine and Moldova
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As fears over sovereign defaults grow, Naftogaz's failure to pay on a bond is a lesson for investors
