Sayenko Kharenko has provided Ukrainian legal advice to lead managers Citigroup, J.P. Morgan, and Morgan Stanley and Avellum has acted as Ukrainian counsel to the Ministry of Finance of Ukraine on the third USD 1 billion Eurobond issuance by Ukraine, fully guaranteed by the United States of America, acting through the US Agency for International Development (USAID). The bonds were placed at 1.471% per annum — the lowest interest rate in Ukraine's history — and are due 2021.
According to Avellum, “the proceeds from the notes will be used to support economic reforms that will help to revitalize economic activity and protect the most vulnerable citizens from the impacts of economic adjustments, including the adjusted gas prices. The loan guarantee agreement is a part of the bi- and multilateral economic support for Ukraine within the framework of the four-year IMF program (Extended Fund Facility).”
The Sayenko Kharenko team included Partner Nazar Chernyavsky, Senior Associate Olexander Olshansky, and Associates Marta Lozenko and Orest Matviychuk.
The Avellum team was led by Partner Glib Bondar, with significant support from Senior Associates Taras Dmukhovskyy and Vadim Medvedev and Associates Anna Melnychuk, Pavlo Shevchenko, and Anastasiya Voronova.
This is the third bond issuance of Ukraine under the US guarantee program, and both Avellum and Sayenko Kharenko advised on previous issuances as well (as reported by CEE Legal Matters on December 11, 2015).
