April 2004
Anatoliy Shapovalov: Building up investors' trust
Anatoliy Shapovalov, deputy minister of finance of Ukraine and head of sovereign borrowing
Last June, Ukraine returned to the international capital markets with its first bond issue since 1998. In February, it consolidated its rapidly improving reputation with international investors by launching a much more competitively priced $600 million seven-year transaction. In an interview with Euromoney's Nick Parsons, Anatoliy Shapovalov, deputy minister of finance of Ukraine and head of sovereign borrowing, talks about the country's borrowing objectives.
How important was it for Ukraine to access the international capital market last year?
Our appearance was extremely important because it was the first issue after the restructuring (except for a $399 million tap issue of 2000 Eurobonds in November-December 2002). Until that date, investors could purchase only amortizing 2000 Eurobonds due 2007. However, they were not very attractive and liquid instruments because of the amortizing repayment scheme and the fact that they were restructured paper.
Last year's issue showed investors' trust in new Eurobonds. A...
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