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Donnerstag, 23. April 2015

U.S. loan guarantees for 2nd tranche of Ukraine's $1 bln eurobonds to become effective on April 24


U.S. loan guarantees for 2nd tranche of Ukraine's $1 bln eurobonds to become effective on April 24

U.S. loan guarantees for the second tranche of Ukrainian eurobonds worth $1 billion will become effective on April 24, 2015, according to an announcement by USAID, which has been made available to Interfax-Ukraine.
"The loan guarantee will apply to sums borrowed during a period beginning on the date that the Loan Guarantee Agreement enters into force and ending thirty days after such date, not exceeding an aggregate total of one billion United States Dollars ($1,000,000,000) in principal amount," the statement reads.
At the same time, it doesn't specify the period to be covered by the guarantees, which are to be issued under the U.S. Department of State, Foreign Operations, and Related Programs Appropriations Act of 2015, and the Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Ukraine act of 2014.
"The loan guarantees shall ensure the Borrower's repayment of 100% of principal and interest due under such borrowings. The full faith and credit of the United States of America is pledged for the full payment and performance of such guarantee obligations," the statement reads.
As reported, Ukraine placed U.S.-government-guaranteed eurobonds worth $1 billion in the middle of May 2014. Their yield was only 28 basis points higher than that of U.S. T-bills and was a record low rate for Ukraine, being 1.844% per annum.
The said the bonds will mature on April 30, 2019. The issue was organized by JP Morgan and Morgan Stanley.
In April-May 2015, Ukraine planned to issue another tranche of guaranteed eurobonds worth $1 billion.
In a phone conversation, U.S. Vice President Joe Biden assured Ukrainian President Petro Poroshenko that the United States is ready to provide $1 billion in loan guarantees as part of the financial bailout for Ukraine in 2015.

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