Ukraine repays first Eurobond issued as part of 2015 restructuring deal

Ukraine’s Finance Ministry redeemed on Sept. 3 its USD
661 mln Eurobond issued in 2015, the ministry reported the same day. This was
the earliest of the bonds issued in 2015 as a part of debt restructuring deal
for USD 15 bln. MinFin also paid the last coupon on this bond (USD 25 mln)
along with coupons on other bonds restructured in 2015 and maturing in
2020-2027 (USD 420 mln).

Alexander Paraschiy: Yesterday
was the toughest debt repayment day for Ukraine in 2019. Along with USD 1,106
mln in payments on Eurobonds by MinFin, the National Bank repaid an IMF tranche
of about USD 156 mln. The payment schedule on state foreign debt will be much
easier for the year’s remainder, amounting to just USD 650 mln. Ukraine will
have to pay a USD 111 mln coupon on its 2032 Eurobond on Sept. 25 and USD 78
mln coupon on its 2028 Eurobond on Nov. 1. Besides that, Ukraine will have to
pay to the IMF USD 405 mln on Sept. 13 and USD 57 mln on Nov. 1.

Among other foreign currency payments this year,
MinFin will have to redeem local bonds for USD 461 mln on Oct. 23 and EUR 417
mln on Nov. 27. Most likely, a large part of these bonds will be refinanced by
new foreign currency issues of local bonds.

So far, Ukraine’s foreign currency position and
MinFin’s liquidity allows for the smooth fulfillment of all the planned
payments for the rest of 2019.