Sayenko Kharenko advises
Ukreximbank on successful UAH 4 billion repeat of hryvnia-denominated Eurobond

Kharenko has acted as Ukrainian legal counsel to JSC “The State Export-Import
Bank of Ukraine” in connection with UAH 4,051,000,000 (approximately
USD 150,000,000) 16.5 per cent. Loan Participation Notes due 2021. Citigroup
Global Markets Limited and J.P. Morgan Securities plc acted as joint lead
managers for the issue. sk_ukreximbank_uah_lpn_press-release_eng

The transaction is the second ever UAH-denominated
Eurobond issue by a Ukrainian issuer, with the first one also made by
Ukreximbank in 2011 with
legal support by Sayenko Kharenko (see this press releasefor details: The 2018 deal has been
structured as loan participation notes and had other distinguishing features (in
terms of currency controls, taxation, etc.) as compared to Ukreximbank’s 2011
deposit-linked notes issue.

According to Ukreximbank: “The transaction has
allowed Ukreximbank to raise funds denominated in hryvnia for a three-year
period – a term that is practically unavailable for local market borrowings at
the moment. The transaction will enable JSC Ukreximbank to proceed with its
long-term lending projects, which will contribute towards establishing
favorable conditions for the Ukrainian economy’s sustainable development.”

“It is always a great pleasure to work with
Ukreximbank team. Many of their deals are first-of-a-kind and, like the present
one, often unmatched by the rest of the market. We hope to see other Ukrainian
banks follow Ukreximbank into international capital markets soon, especially
given that the Ukrainian tax opportunity window for Eurobonds will close this year,”
said Anton Korobeynikov, Sayenko Kharenko partner.

JSC “The State Export-Import Bank of Ukraine” is a 100 %
state-owned bank, one of the major operators in the Ukrainian banking market.
The bank services a large portion of export and import transactions by
Ukrainian business, acts as a sole financial agent of the Ukrainian government
for loans from foreign financial institutions, and partners with major
international financial institutions in their Ukrainian business development

Kharenko team was led by partner Anton Korobeynikov and included senior
associate Marta Lozenko, associate Denys Nakonechnyi, junior associates Vira
Pankiv and Oles Trachuk. Senior
associate Konstantin Penskoy and associates Yurii Dmytrenko and Mykhailo Grynyshyn provided Ukrainian tax and corporate advice.

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