THE BOOK-RUNNERS had two goals: to bring Ukraine back into the international capital markets and to position themselves for other lucrative mandates. The result was that early in June 2003, Ukraine launched its first new benchmark offering since the 1998 Russian crisis. Dresdner Kleinwort Wasserstein, JPMorgan and UBS steered the borrower to an $800 million 10-year bond issue. In September the trio led a $200 million tap.
“It showed that investors were absolutely happy with the credit risk,” says first deputy prime minister and minister of finance Mykola Azorov.
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