Sayenko Kharenko advised on USD 2 billion Sovereign Eurobond issue

Sayenko Kharenko acted as Ukrainian legal counsel on two issues of Eurobonds by the state of Ukraine for the total amount of USD 2 billion.

Morgan Stanley, JP Morgan and VTB Capital acted as the lead managers of the issues – the first issue of five-year notes for USD 500 million with the yield of 6.875% of annual interest and the second issue of ten-year notes for USD 1.5 billion with the yield of 7.775% of annual interest. The demand was at a record high for Ukraine, as a result of which book offers exceeded USD 6.2 billion.

This issue was the first successful placement of Eurobonds by the State of Ukraine since the last two issues in 2007, when Sayenko Kharenko also acted as Ukrainian legal counsel to the lead managers of the issues.

Ukraine has successfully re-entered the international Eurobonds market with a landmark USD 2 billion issue in 2010. This issue is a clear sign that debt capital markets are becoming increasingly accessible to the emerging markets.