Kyiv issues M series bonds for UAH 300 mln
The National Securities and Stock Market Commission has registered the issue of M series domestic bonds of Kyiv City Council in the amount of UAH 300 million.
The Interfax-Ukraine agency was informed the par value is UAH 10,000, the redemption of the M series bonds is scheduled from September 25 to September 27, 2024.
According to decision No. 1529/1570 of Kyiv City Council dated June 24 of this year, Kyiv plans to attract UAH 1.1 billion through the issue of domestic loan bonds in three issues: M series - UAH 300 million, N and O series – UAH 400 million each.
The document states that the interest rate will be determined at the level of the NBU refinancing rate as of the start date of the quarterly interest period plus a margin of 1% to 5% per annum based on the results of the competition for the selection of an underwriter. It is assumed that proceeds from the placement of bonds will go to finance investments in the city's infrastructure.
As reported, in September the international rating agency Fitch Ratings assigned the expected long-term rating "B (EXP)" to the forthcoming issue of Kyiv's domestic bonds.