The first issue of Ukraine’s sovereign eurobonds after a long break enjoyed high demand among the investors – the orderbook for them was six times the volume of the issue, Ukrainian President Petro Poroshenko has said.
“This is a clear indicator that the whole world today is voting with money for belief in Ukraine and for the efficiency of our reforms,” he said at a meeting with the leaders of the Ukrainian community in New York on Sept.18.
At the same time, the head of state did not specify other results of the placement.
As reported with reference to sources, the volume of placement of 15-year eurobonds will be $3 billion with the yield of 7.375%. More than a half of this amount will be used to redeem the eurobonds, which mature in 2019-2020 worth $1.576 billion. New eurobonds will be redeemed in four equal tranches in 2031-2032.
BNP Paribas, JP Morgan and Goldman Sachs are acting as bookrunners on the deal. Ukraine managed to significantly reduce the yield of the issue: the initial target was 7.75%, then it was lowered to about 7.625%, and finally to 7.375%-7.5%. The country’s securities enjoyed considerable demand among investors – the orderbook, according to preliminary data, stood at circa $ 9.3-$10 billion, the deal involves up to 400 investors.
