Ukraine still expects to issue Eurobonds under U.S. guarantees
The Minister of Finance of Ukraine, Oleksandr Danylyuk, during an interview with journalists on the sidelines of the annual meeting of the European Bank for Reconstruction and Development (EBRD), stated that Ukraine is still planning to issue Eurobonds under U.S. guarantees. However, the exact entrance dates to the borrowing market are unknown.
“Firstly, we should receive guarantees. We have it in our plans,” Danylyuk said.
In April, Danylyuk said that Ukraine expects to return to the markets of public foreign borrowings in 2018 thanks to a cooperation program with the International Monetary Fund and the implementation of reforms.
The last time the country placed Eurobonds on general market terms was in April 2013. These were ten-year dollar Eurobonds worth $1.25 billion with an annual return of 7.5%. In 2015, the restructuring of several issues of sovereign and state-guaranteed Eurobonds amounting to $14.36 billion and 600 million Euros was completed. Ukraine failed to reach an agreement with Russia on the restructuring of the $3 billion "Yanukovych's debt".
In December 2015, Kiev offered to restructure the debt under commercial creditor conditions. Russia, however, refused to discuss this option, insisting on the sovereign nature of the debt. In the end, the Ministry of Finance of the Russian Federation filed a lawsuit with the High Court of Justice in England on debt collection from Ukraine.