11:44 20.09.2017

Investors from U.S., UK buy 82% of Ukraine's bonds

2 min read
Investors from U.S., UK buy 82% of Ukraine's bonds

The main buyers of new 15-year $3 billion bonds of Ukraine were investors from the United States (46%) and UK (36%), Deputy Finance Minister of Ukraine Yuriy Butsa has said.

"The final allocation was among 300 investors, including 78% of asset managers and 15% of hedge funds. 46% of the allocation is investors from the United States, 36% from the UK and 16% from continental Europe," he wrote on his Facebook page.

He said that the peak sum in the offer book was $9.5 billion from around 350 investors.

Butsa said that law firms Avellum, White & Case, Sayenko Kharenko, Latham & Watkins and investment companies Rothschild and FinPoint helped Ukraine to place the bonds.

As reported, BNP Paribas, Goldman Sachs and JP Morgan organized the deal. The road show was held last week in London, Boston and New York. Ukraine closed the offer book on September 18. The interest is 7.375% per annum compared to 7.75% set initially.

Some $1.68 billion out of $3 billion will be sent to repurchase 2019 eurobonds for $1.16 billion and 2020 eurobonds for $420 million after an offer made by Ukraine on September 7.

The new deal has become a first market placement for the country since 2013. In 2013, 10-year eurobonds for $1.25 billion were placed at 7.5% per annum. In 2014-2016, Ukraine annually placed five-year bonds for $1 billion secured by the United States. The bonds were placed at low rates. For example, in 2016 bond yield was only 1.471%.

In 2015, the country restructured 13 eurobond issues for $14.36 billion and EUR 600 million. Investors gave their consent to postpone payments by four years and exchange 20% of the cost of the securities to GDP warrants. The coupon for all bonds was set at 7.75% per annum.

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