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Concorde Capital Research: Ukraine exchanges USD 0.4 bln Sberbank loan into sov’n bonds, warrants

February 12, 2016
The Ukrainian government decided on Feb. 11 to exchange USD 367 mln in guaranteed loans to Ukravtodor and Pivdenne Design Bureau into a set of 75% in sovereign Eurobonds and 25% in GDP warrants. In particular, the cabinet decided to issue additional Eurobonds (maturing on Sept. 1, 2019) worth USD 284.2 mln and new GDP warrants of USD 91.9 mln in nominal value. The guaranteed loans were due to Russian Sberbank, Interfax reported, citing Finance Minister Natalie Jaresko. The recent debt operation will increase the nominal value of Ukraine’s GDP warrants to USD 3.12 bln.

In November 2015, the Ukrainian government issued new Eurobonds with maturity in 2019-2027 and a coupon rate of 7.75%, as well as GDP warrants, to substitute the old government notes (of a total par value of USD 15 bln, maturing in 2015-2023). The old notes were exchanged into new notes and the GDP warrants in the proportion of 80%/20%. Later on, the cabinet decided to exchange part of Kyiv city’s Eurobonds maturing in 2015 and all cities’ Eurobonds maturing in 2016 into a set of new government Eurobonds (maturing in 2019 and 2020) and GDP warrants, in the proportion of 75%/25%.
Company — Sberbank (Ukraine)
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