18:45 22.06.2021

Ukravtodor first issues eurobonds on the LSE

2 min read
Ukravtodor first issues eurobonds on the LSE

The State Road Agency of Ukraine (Ukravtodor) has placed $700 million eurobonds at 6.25% per annum, Infrastructure Minister Oleksandr Kubrakov said on his Facebook page last week.

He said that for the first time in Ukraine, under government guarantees, Ukravtodor issued loan participation notes with a maturity of seven years on the London Stock Exchange (LSE). According to Kubrakov, the notes received a historically low rate compared to previous Ukrainian sovereign placements in U.S. dollars.

"During the placement, Ukravtodor received bids for almost $2.4 billion, which more than three times exceeded the planned volume of the issue, therefore it demonstrated significant interest from the global financial market, confirmed its confidence in Ukraine as a state and in large infrastructure projects in particular," Kubrakov wrote.

According to the data published on Facebook by MP of the 8th convocation Mustafa Nayyem, the investor base of the entire transaction mainly consisted of funds that manage assets (77%), hedge funds (17%), and banks (6%).

The greatest demand was from investors from the U.K., Europe and the United States, who purchased most of the eurobonds: their shares amounted to 41%, 28% and 28%, respectively. Investors from Asia, the Middle East and North Africa bought 3% of the notes.

The organizers of the eurobond issue were J.P. Morgan and Dragon Capital with the participation of Ukreximbank (Kyiv).

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