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Ukraine sells USD 800 mln 10-year bond

June 04, 2003 | Reuters

Ukraine sold a $800 million 10-year bond on Wednesday, the country's first new international bond sale since it rescheduled debt following a regional financial crisis in 1998, lead managers for the deal said.

Due June 11, 2013, the deal was priced at par with a 7.65 percent coupon. Orders for the bonds had already topped $4 billion prior to launch, market sources said.

Dresdner Kleinwort Wasserstein, JPMorgan and UBS Warburg are lead managing the bond sale, roadshows for which were held in Germany and Britain last week and the United States this week.

Mykola Azarov, Ukraine's deputy prime minister and finance minister, said the deal had seen strong interest from investors.

"This (roadshow) presentation was extraordinarily successful, with investors showing huge interest and colossal faith in the Ukraine," he told journalists on Wednesday.

"The interest from investors... shows that they see no risks, either politically or financially."

Credit rating agency Fitch Ratings assigned a speculative-grade B rating to the new bond last week.

Rating agency Standard and Poor's revised its outlook on Ukraine's external debt to stable from negative on May 20. S&P also assigns a B rating, while Moody's rates the sovereign an equivalent B2.

By Catherine Evans

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