Ukraine places USD 2bn eurobonds.

By bne IntelliNews September 20, 2010
Ukraine has placed USD 2bn eurobonds, PM Mykola Azarov has announced. According to him, the securities were issued in two tranches: five-year note for USD 500mn with the yield of 6.875% of annual interest and ten-year notes for USD 1.5bn with the yield of 7.775% of annual interest. He added that the total demand for Ukrainian eurobonds was estimated at over USD 6.2bn. The total number of applications was over 300. The five-year eurobonds are mature on September 23, 2015, and ten-year eurobonds are mature on Sep 23, 2020. The previous issue of Ukrainian eurobonds was in November, 2007, when ten-year notes were sold for USD 700mn, with the yield 6.75% of annual interest. The FinMin Fedir Yaroshenko said that proceeds from eurobonds could be used to repay the loan of USD 2bn that the VTB Bank (Russia) provided to Ukraine. According to him, only USD 1.2bn has been used out of the loan of USD 2bn obtained from the VTB Bank and the remainder is held in the government's accounts. To note, Fitch Ratings, an international credit rating agency, has assigned the B rating to the eurobonds. According to the rating agency, the ratings are in line with Ukraine's long-term foreign-currency Issuer Default Rating (IDR) of B, which has a stable outlook.

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