Agreement with bondholders boosts Kyiv’s drive to use private capital to fund fight against Russia
Ukraine has struck a deal with international bondholders to restructure about $20bn of debt, boosting Kyiv’s drive to use private capital to finance its war effort against Russia. President Volodymyr Zelenskyy’s government said on Monday that it won support from investors to reduce the face value of the debt by more than a third, paving the way for a formal restructuring in the coming weeks.
They will also receive a bond worth 23 cents, which will not pay interest for the next three years, but could increase to 35 cents if Ukraine’s nominal gross domestic product exceeds IMF targets by at least 3 per cent, and up to 7.5 per cent, in 2028. Overall, the restructuring will slash Ukraine’s previously scheduled bond payments by more than $11bn, or 90 per cent, in the next three years.
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