AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on successful restructuring of Ukraine’s GDP-linked warrants. Rothschild & Co acted as financial advisor and White & Case as international legal counsel to the Ministry of Finance of Ukraine on this historic transaction.
Key highlights of the restructuring include:
- exchange of USD2.6 billion GDP-linked warrants for Ukraine’s Eurobonds due 2030, 2032 and 2034;
- 99.06% support from holders of the GDP-linked warrants, surpassing the 75% threshold required for completion of the transaction; and
- full retirement of all GDP-linked warrants, allowing to eliminate uncapped and volatile payments that could have reached USD6 – 20 billion in 2025 – 2041.
As a result, the completed restructuring removes a structurally risky instrument from Ukraine’s debt profile and replaces it with conventional, fixed-income securities that are better aligned with international market standards. This transition marks a decisive shift from fiscal uncertainty toward greater resilience, predictability and long-term sustainability of Ukraine’s public finances.
Glib Bondar, senior partner at AVELLUM, commented: “We are deeply honoured to be part of this crucial transaction. Restructuring of the GDP-linked warrants will allow Ukrainian economy to recover from war damages by avoiding billions in potential payments during critical post-war reconstruction period. This ensures Ukraine can preserve essential resources needed to finance its defence and stability”.
AVELLUM team was led by senior partner Glib Bondar with support from managing associate Mariana Pylypenko and associates Andrii Kroshko, Nikita Tipikin-Holovko and Elina Kryhan.
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Posted on January 27, 2026
