ukraine raises 3bn in first bond since 2014 revolution
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Ukraine raises $3bn in first bond since 2014 revolution

Arab Today, arab today

Arab Today, arab today Ukraine raises $3bn in first bond since 2014 revolution

Ukraine raises $3bn in first bond since 2014 revolution
Kiev - AFP

Ukraine has raised $3 billion in its first sovereign bond issue since the country's 2014 revolution, a source close to the deal said on Monday.

Proceeds from the 15-year eurobond sale overshot the treasury's initial target of $2.5 billion, with the funds earmarked for debt servicing, the source told AFP.

President Petro Poroshenko, on a visit to the United States, saluted the news in a video to his Facebook page as "proof that the whole world is voting, with its money, for Ukraine and for the effectiveness of our reforms."

The country had been unable to tap the international bond market since upheaval and military conflict three years ago, leading to a major restructuring of its outstanding debt in 2015. Most creditors accepted to grant Ukraine debt relief at the time, but not Russia.

Since then, Kiev has been struggling to recover from a devastating economic crisis as the Russian-backed insurgency in its industrial east helps gut its fragile finances.

Monday's issue sees a $1.7 billion tranche attracting a 7.375 percent interest rate over 15 years - more competitive than that attached to the 2015 restructuring deal, which helped to slice a fifth off Ukrainian private debt.

The country's return to the debt market "is symbolic" as in 2014 "it was difficult to imagine that we would be able to borrow money on the financial markets with a normal interest rate", Finance Minister Olaksandr Danylyuk told AFP ahead of Monday's news.

In earmarking the money for servicing major debt obligations in 2019 and 2020, "we are considerably reducing the risk of future refinancing", which "will have a positive impact on our position with ratings agencies", Danyliuk added.

The International Monetary Fund has stepped in with some help, but Ukraine has so far received only $1 billion of the $4.5 billion it hopes to see arrive from the IMF this year.

Analysts say Ukraine needed to return to debt markets if it were to meet its upcoming debt repayment obligations. They said Kiev has picked a favourable time to sell bonds because investor appetite for higher-risk assets is growing.

International agencies Moody's and Standard and Poor's both rate Ukraine's credit quality below investment grade, making Kiev a "junk bond" issuer.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ukraine raises 3bn in first bond since 2014 revolution ukraine raises 3bn in first bond since 2014 revolution

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ukraine raises 3bn in first bond since 2014 revolution ukraine raises 3bn in first bond since 2014 revolution

 



GMT 13:42 2015 Saturday ,04 April

Libyan warplane targets camp in Gharyan town

GMT 15:14 2017 Wednesday ,01 March

UN documents nearly 1,500 child soldiers in Yemen

GMT 07:24 2017 Sunday ,01 October

Mexico unlikely to find more quake survivors

GMT 16:15 2015 Wednesday ,11 November

German intelligence 'spied' on Fabius, FBI, UN bodies

GMT 01:32 2017 Saturday ,15 April

Russia's Putin earns about 157,000 USD in 2016

GMT 16:30 2017 Saturday ,15 July

Minister of planning gives priority

GMT 19:45 2017 Wednesday ,05 April

President of Senegal Meets Attorney General

GMT 05:18 2017 Thursday ,21 September

Over 80 missing after migrant boat sinks off Libya

GMT 19:22 2017 Saturday ,01 April

UN: Number of Syrian Refugees Tops 5 million

GMT 15:16 2016 Thursday ,29 September

FBI to put up database on police use of deadly force

GMT 05:06 2016 Friday ,30 September

Indian markets open flat

GMT 01:57 2017 Tuesday ,10 October

Twin suicide bombs kill 13 near Mogadishu airport

GMT 02:25 2017 Friday ,08 September

UAE celebrates National Day at Expo 2017 Astana

GMT 06:19 2017 Sunday ,08 January

Bleaching poses the gravest threat to coral reefs

GMT 12:35 2017 Monday ,18 September

Elham Shahin happy for “Day for Women”

GMT 09:46 2017 Thursday ,22 June

US existing home sales unexpectedly rise in May

GMT 02:36 2017 Tuesday ,10 January

US embassy condemns Al-Arish suicide attack

GMT 10:34 2017 Sunday ,26 November

czar faces graft probe
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday