AVELLUM ADVISES JOINT LEAD MANAGERS ON USD100 MILLION TIER 2 EUROBOND OFFERING BY UKREXIMBANK

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AVELLUM ADVISES JOINT LEAD MANAGERS ON USD100 MILLION TIER 2 EUROBOND OFFERING BY UKREXIMBANK

AVELLUM acted as the Ukrainian legal counsel to J.P. Morgan Securities and Morgan Stanley acting as joint lead managers in connection with USD100 million Tier 2 Eurobond offering by the State Export-Import Bank of Ukraine (“Ukreximbank”).

The transaction was structured as the issue of USD100 million 9.95 percent per annum 10-year loan participation notes (with resettable coupon on the fifth anniversary of issuance) (“Notes”) for the sole purpose of funding a subordinated loan to Ukreximbank. The Notes were listed on the London Stock Exchange.

The transaction has allowed Ukreximbank to further strengthen its Tier 2 capital and was the first issuance of Tier 2 Eurobonds by borrowers from Ukraine since 2006.

Commenting on this transaction, AVELLUM’s senior partner Glib Bondar said: “We keep a leading position among Ukrainian legal advisers, having advised on all but one private, sovereign and quasi-sovereign Eurobond issuances out of Ukraine in 2019.”

Ukreximbank is 100% state-owned bank acting as the sole financial agent of the Government of Ukraine with respect to loans from foreign financial institutions, which are borrowed or guaranteed by Ukraine.

AVELLUM team was led by senior partner Glib Bondar with support from associates Anastasiya Voronova, Oleg Krainskyi, and Mariana Veremchuk. Partner Vadim Medvedev and associates Anton Zaderyholova and Yelyzaveta Kravtsova provided support on tax matters of the transaction.

Authors

GLIB BONDAR

Senior Partner

gbondar@avellum.com

MARIANA VEREMCHUK

Senior Associate

mveremchuk@avellum.com

VADIM MEDVEDEV

Partner

vmedvedev@avellum.com

ANTON ZADERYHOLOVA

Partner

azaderyholova@avellum.com

YELYZAVETA KRAVTSOVA

Managing Associate

ykravtsova@avellum.com

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