Ukrainian Eurobonds rise on optimism over future international support

By bne IntelliNews September 24, 2025

Ukrainian Eurobonds gained last week as optimism grew about long-term international financial support, analysts said, with investors buoyed by signs of new aid mechanisms from the EU, Britain and the IMF, reported Ukraine Business News.

The ICU investment company noted that reports on potential support measures for 2026–27 lifted sentiment, pushing Eurobonds up by 6–8% before a late correction trimmed weekly gains to just over 5%. GDP warrants also advanced, climbing 4% to above $0.78 per $1 of nominal value.

The EU is weighing a plan to replace frozen Russian assets with zero-coupon bonds and channel the proceeds to Ukraine as so-called reparations loans, which Kyiv would only repay after Russia compensates it for war damages. Britain is considering a similar scheme. The Ukrainian Finance Ministry has estimated that a new IMF programme could provide $150–170bn over four years, while any EU assistance should be structured to remain neutral to Ukraine’s debt sustainability.

Ukraine is seeking to agree a fresh four-year IMF deal by the end of 2025, having depleted much of its existing $15.5bn programme. Prime Minister Yulia Svyrydenko wrote to IMF mission leader Gavin Gray on September 9 to request a new cooperation plan, and President Volodymyr Zelenskyy discussed the issue with IMF Managing Director Kristalina Georgieva on Monday.

The IMF has tentatively valued its upcoming programme at $8bn, but both Kyiv and the Fund now see broader external financing needs at about $65bn for 2026–27, well above the government’s earlier $37.5bn estimate. The European Commission has been briefed on the figure, with the EU expected to provide a substantial share through the proposed reparations loan mechanism.

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