Ukraine has successfully completed the restructuring of its public debt.
The restructuring process included the exchange of 13 series of government Eurobonds and one series of state-guaranteed Eurobonds of Ukravtodor worth approximately $20.5 billion for eight new series of Eurobonds with a face value of $15.2 billion, the Ukrainian Finance Ministry and the London Stock Exchange reported.
Thanks to this, Ukraine’s public and publicly guaranteed debt was reduced by almost $9 billion.
It is noted that this is one of the largest debt write-offs among recent sovereign debt restructurings. Debt payments are reduced by 93%, which will lead to savings of $11.4 billion over the next three years.
Recall that in August, Ukrainian Prime Minister Denys Shmyhal announced that Ukraine had agreed to restructure its debt with 95% of Eurobond holders. This will save $11.4 billion on debt servicing over the next three years, strengthen the Ukrainian budget, and allow for better defense financing.
Source: Racurs
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