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4 February 2011

Sayenko Kharenko advised on the benchmark local currency Eurobond issue by Ukreximbank

Sayenko Kharenko acted as Ukrainian legal counsel to JSC “The State Export-Import Bank of Ukraine” on the landmark UAH 2.385 billion (USD 300 million) Eurobond issue denominated in the Ukrainian hryvnia. The notes were issued for the period of 3 years, with the interest rate of 11 per cent and settlement in US dollars. The placement was arranged by Credit Suisse, Citigroup and Deutsche Bank.

“This transaction is a completely new product for the Ukrainian market – the first Ukrainian hryvnia Euroclearable bond. We have developed a novel structure for this issue that may be used by other Ukrainian issuers seeking to attract long term Ukrainian hryvnia financing” – says Michael Kharenko, partner.

“It is significant that the deal has a final maturity of three years as it represents an important step forward in building a Ukrainian yield curve and satisfying the Ukraine corporate sector’s demand for long term funding in hryvnia”, – Ukreximbank says.

Apart from acting for Ukreximbank on this groundbreaking deal, Sayenko Kharenko represented Ukreximbank on the USD 500 million Eurobond issue in April 2010, which was the first Eurobond by a Ukrainian borrower after the crisis, and on the USD 250 million tap in October 2010.

The State Export-Import Bank of Ukraine is 100% state-owned bank, one of the major operators in the Ukrainian banking market.

Sayenko Kharenko team included partners Michael Kharenko and Nazar Chernyavsky and lawyers Anton Korobeynikov and Alina Porada.

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