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9 June 2010

Sayenko Kharenko advised Ukreximbank on USD 500 million placement of Eurobonds

Sayenko Kharenko acted as a Ukrainian legal counsel to State Export-Import Bank of Ukraine (Ukreximbank), on USD 500 million Eurobond issue rated B1 by Moody’s and B- by Fitch. The notes were issued for the period of 5 years with a coupon of 8,375%. Citigroup and Credit Suisse acted as the deal managers of the issue. A total of 152 investors participated in the transaction.

Michael Kharenko: “This transaction was the first Eurobond issue by a Ukrainian bank since the outbreak of the current crisis. The large value of the issue and low coupon illustrated a very positive perception of the placement by international investors. Success of Ukreximbank placement may become an additional stimulus for the Ukrainian Government to borrow on the international debt markets”.

According to Euroweek, Credit Suisse commented on “the phenomenal job, that was done by the team during the roadshow and which resulted in a review of investor views regarding Ukraine, which led to a strong rally in sovereign bonds during the course of the roadshow”.

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 Michael Kharenko, Nazar Chernyavsky and Anton Korobeynikov.

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