Sayenko Kharenko has acted as Ukrainian legal counsel to J.P. Morgan, Dragon Capital and Ukreximbank, managers of USD 700 million notes issuance by the State Road Agency of Ukraine (Ukravtodor). The notes are due 2028, subject to amortising payments starting from 2026.
The proceeds of the issue will be used to finance the road construction and repair projects managed by Ukravtodor. Priced at 6.25 per cent, this issue recorded the lowest coupon for the sovereign and quasi-sovereign issues from Ukraine in the last decade. This deal also marks the first direct Eurobond issue made by the Ukrainian governmental agency under the sovereign guarantee.
Sayenko Kharenko’s partner and CEO Nazar Chernyavsky comments: “Our team is honoured to be a part of the debut Eurobond issue by Ukravtodor, which is also an innovative and record-setting deal for Ukraine. This an important milestone for the “Great Construction” programme and we hope that this issue will pave the way for increased investment in Ukrainian infrastructure projects”.
Sayenko Kharenko’s team working on the project was led by partner Igor Lozenko and included associates Oles Trachuk, Vladyslava Mitsai, junior associate Oleksandr Motin, and senior tax associate Anton Kerimov-Varanytskyi.