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Ukraine Reaches $20bn Debt Restructuring Agreement with Creditors
July 23, 2024
Ukraine reached a deal in principle to restructure $20bn of its debt with a creditor committee. The committee consisted of Amundi SA, BlackRock Inc and Amia Capital LLP, as well as other investors, who together represent around 25% of the bondholders. The committee accepted nominal losses of 37% on their holdings, amounting to $8.67bn, according to the statement released. Ukraine anticipates $11.4bn of savings in the next three years by a combination of lower coupons and maturity extensions. The agreement will need approval of at least two-thirds of all bondholders to finalize the debt restructuring deal. Ukraine’s Finance Minister Serhiy Marchenko said that, ‘Once completed, this restructuring will also pave the way for Ukraine’s market re-entry as soon as possible when the security situation stabilizes to fund our country’s swift recovery and reconstruction’.
Ukraine’s dollar bonds rallied across the curve with its 8.994% 2026 rising by 4.1 pts to 36.3 cents on the dollar.
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