In the second [report], sent to the Washington Post on July 12, [2015] Hasssenstab wrote, that the “Ad-hoc Committee of Bondholders to the Ukraine has invested in the country for more than 10 years, under successive governments, to help fund essential public services and infrastructure, and we well understand its challenges.”
“We believe Ukraine’s financial troubles can be resolved for all parties without creditors immediately writing down the value of their bonds,” Hassenstab wrote.
Hasenstab is taking what, from his perspective and that of many finance professionals, is a reasonable position. He wants the money Ukraine promised to pay back. And he’s given countries like Ireland, Poland, and Hungary, all close to financial ruin, a much-needed financial shot-in-the-arm that helped stabilize their economies.
“He’s a brilliant guy,” said Alex Petrovic, a financial planner in Kansas City, Mo., who has his client’s money in Franklin Templeton funds. “He has a long history of making good bets, and this long history is excellent. We have confidence in him. ”
Ukraine insists Hasenstab and its other creditors have to recognize Kiev is not in a position to pay its debts.
After losses, including in Argentina, star Franklin manager pulls out of most emerging markets
By Matt Wirz
Updated Oct. 17, 2019 10:09 pm ET
One of Wall Street’s most intrepid bond investors has turned defensive.
Michael Hasenstab built an almost $200 billion government-bond franchise for Franklin Templeton Investments by making large, profitable bets in risky countries. But that strategy backfired badly for the star fund manager in 2019 when a bet on the Argentine peso soured, saddling investors with losses.
Now...