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<b>Ukraine exchanges its bonds</b>

    Headline: Ukraine exchanges its bonds
Source: Euromoney
Date: April 2000
Author: Michael Peterson

Ukraine's lesson in bond destruction

Issuer: Ukraine

Amount: e2.6 billion

Type of issue: Exchange offer

Launched: February 4 2000

Lead manager: ING Barings

Here's the challenge. Find the thousands of individual investors who bought the Republic of Ukraine's retail-targeted bonds, tell them Ukraine can't keep up the payments and persuade at least 85% of them to accept a new, less onerous, bond instead. That was the task facing lead manager ING Barings - with syndicate members Credit Suisse First Boston, Commerzbank and Salomon Smith Barney - when the east European sovereign launched an exchange offer for all its outstanding international issues.

Ukraine began the new century in big trouble. It had to pay $3.2 billion on its debts in 2000 and its foreign reserves stood at only $1 billion. But, unlike Pakistan which faced a similar problem last November, Ukraine couldn't simply turn to a small number of institutional investors to agree a bond restructuring. Its paper was scattered far and wide.

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