Ukraine returns to bond market – media

19:57, 22 July 2020
Economy
221 0
Ukraine's dollar-denominated sovereign bonds rose again on Wednesday / Photo from UNIAN

Ukraine has hired international banks to organise the issuance of a eurobond denominated in U.S. dollars and will also announce an exchange program for outstanding eurobonds maturing in 2021 and 2022, the finance ministry said in a statement on July 22, Reuters reported.

Read alsoNBU to continue cooperation with foreign investors – central bank chief

New Governor of the National Bank of Ukraine Kyrylo Shevchenko was installed last week, promising to keep the central bank free from political meddling. Bonds rallied on his appointment, although investors said much depended on how independent Shevchenko actually proved to be.

Ukraine's dollar-denominated sovereign bonds rose again on Wednesday, with some rising by their most since before parliament approved Shevchenko.

The central bank held a call with investors this week ahead of the eurobond sale.

Ukraine wants to raise debt on the back of securing a US$5 billion loan deal from the International Monetary Fund that the government touts as a signal of its commitment to reforms while it battles an economic slump caused by the coronavirus.

"Ukraine also plans to launch tomorrow, on Thursday, 23rd July 2020, an accelerated switch tender offer for certain of Ukraine's existing notes due 2021 and 2022 up to US$750 million in conjunction with the issuance of new notes," the finance ministry said.

If you see a spelling error on our site, select it and press Ctrl+Enter