Oleksandr Kamyshyn, CEO of Ukraine’s state-run railway operator JSC Ukrainian Railways, announced via Telegram that the company had paid coupons on its Eurobonds due in 2024 and 2026 on July 11.
“The second and last coupon payment for Eurobonds this year, $36mn, was paid today,” Kamyshyn wrote.
The payment is somewhat of a surprise after many expected the company to default due to Ukraine running into financial difficulty. There was speculation last week that Naftogaz, Ukraine’s state-owned oil and gas company, might default on a $335mn Eurobond coupon payment on July 19 after the company released a statement saying it is “currently evaluating its liquidity and operating requirements”, placing the blame on Russia’s invasion of Ukraine.
This led to fears that Ukraine would then default on a $2.2bn sovereign bond in November. However, with Ukrainian Railways paying its Eurobond coupons, there is now much less certainty that Naftogaz will default, according to Timothy Ash of Bluebay Asset Management.
Related Articles
Saudi private sector secures 82% of development fund contracts worth $3bn
Saudi private companies have captured 82% of contracts signed by the Saudi Development Fund over the past three years, with a total value exceeding $3bn, according to Abdulmohsen Al-Khayyal, ... more
Construction work on $4.6bn Trans-Afghan Railway could reportedly be under way within six months
Construction work on the proposed Trans-Afghan Railway could be under way within six months, while the project could cost around $4.6bn to deliver and cut shipping transit times from Uzbekistan to ... more
Uzbekistan’s banking sector becoming more resilient, says Fitch
Uzbekistan’s banking industry is becoming more resilient, with the sector underpinned by ongoing structural reforms, stronger regulation and improving governance, ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
22 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago