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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% 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 USD 500 million Eurobond issue in April 2010, which was the first Eurobond by a Ukrainian borrower after the crisis, and on 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’s team included partners Michael Kharenko and Nazar Chernyavsky and associates Anton Korobeynikov and Alina Porada.

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