Ukraine cancels tender offer, eurobond due to governor resignation

By Taylor Fox

Chicago, July 2 – Ukraine’s minister of finance, Sergii Marchenko, announced the cancellation of the previous switch tender offer and proposed eurobond following the resignation of the governor of the National Bank of Ukraine, Yakov Smoli.

According to the London Stock Exchange, the sovereign expected to issue $1.75 billion of new notes.

Additionally, Ukraine had launched a concurrent switch tender offer for its $1,409,282,000 7¾% notes due 2021 and its $1,383,692,000 7¾% notes due 2022.

The decision to cancel this offer was made “in order to give investors sufficient time to assess the news,” Marchenko announced in a statement.

As previously reported, the offer would have comprised dollar-denominated long 12-year notes. The Rule 144A and Regulation S notes were to be sold via J.P. Morgan Securities plc and Goldman Sachs International.

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