Ukraine Shielded From Vultures by Templeton Has One Less Problem

For all Ukraine’s challenges in negotiating relief on $23 billion of debt, at least one thing is going in its favor: vulture funds can’t get their claws in.

The east European nation is dealing with Franklin Templeton and four other creditors who together hold more than half of its international sovereign bonds. That’s 25 fewer than in the investor committee that Greece dealt with in 2012 negotiations. Unlike Argentina -- still battling so-called holdout creditors from five years ago -- Ukraine has collective-action clauses on its debt, imposing a deal reached by the majority on all bondholders.