Ukraine has rejected a debt restructuring deal put forward by international creditors as the two sides struggle to break through a negotiation stalemate. 

If previous restructurings are anything to go by, the eventual deal between Ukraine and the holders of its debt is going to look quite different to the opening positions of either party. 

Ukraine’s plummeting bond prices are signaling that creditors including Franklin Templeton face steep writedowns in the nation’s foreign debt restructuring.