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Bond Market News
Ukraine Misses GDP Warrant Payment Amid Restructuring Impasse
June 2, 2025
Ukraine will skip a $665mn payment due June 2 on its GDP warrants, marking the first default on these growth-linked instruments. The decision follows failed restructuring talks with a group of creditors in April earlier this year. The payment, tied to Ukraine’s 2023 economic expansion, falls under a moratorium that remains until a comprehensive restructuring of the GDP-linked securities is finalized. Ukraine’s Finance Ministry emphasized its commitment to adhering to IMF debt targets and ensuring ‘comparability of treatment’ with official partners.
Ukraine’s 1.75% 2029 dollar bonds were trading stable at 61.26 cents to the dollar, yielding 16.19%.
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