In 2014 and 2015, a lot of external debt of major Ukrainian
borrowers is approaching its maturity. Around US$3 billion of
Ukrainian Eurobonds alone (excluding government and municipal
bonds) will need to be repaid in the course of the next year.
Taking into account the current economic situation in Ukraine
aggravated by the recent political turbulence and ongoing military
conflict inside the country, one can easily forecast that a large
portion of this debt will require restructuring.
Dealing with adverse conditions is hardly something new for
Ukrainian borrowers and foreign creditors. Since 2008,
Ukraine has seen a number of large debt restructurings (including
US$ 1.6 billion restructuring by Naftogaz and US$ 1.2
billion restructuring by Interpipe Group). Today foreign
creditors are again looking at the Ukrainian regulatory environment
more closely in order to consider their options in case of
potential restructuring.
