Ukraine has launched a restructuring of $2.6bn of growth-linked debts that are seen as key to financing its war effort and which had threatened to drain billions of dollars from Kyiv’s postwar finances.
The country’s finance ministry on Monday unveiled an offer for investors to swap so-called GDP warrants into new bonds by the end of the year in return for a cash sweetener of up to $180mn and gradually rising interest payments, following months of talks.
Ukraine and a committee representing some of holders of the warrants both said on Monday that there had been “meaningful progress” on key terms of a restructuring in recent talks, although there was not yet full agreement on all the details.
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