Ukrainian Railways pays $36mn coupons on its Eurobonds

By Dominic Culverwell in Berlin July 12, 2022

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.

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