NJSC Naftogaz Ukrainy, which last week defaulted on two out of three eurobond issues due to a government ban on payments on them, received permission to change loan agreements related to these eurobonds.

The Cabinet of Ministers published order No. 670 dated August 1 on the same day on its website.

Details of the proposed changes are not included in the document.

After the July 26 default, Naftogaz announced the very next day that it would immediately offer eurobond holders a new deferral agreement. "This process should be part of a joint effort by the government and other state-owned companies to offer similar terms for deferring payments on eurobonds," the company said in a press release. However, there is still no new proposal.