Event Publicly Available Information:
Has a Restructuring Credit Event occurred with respect to Ukraine?
The Eligible Market Participant who submitted the question provided the following news articles in support of their question:
- Ukraine’s creditors agree 2-year freeze on $20 billion overseas debt: https://www.reuters.com/markets/europe/ukraines-creditors-agree-two-year-payment-freeze-almost-20-billion-international-2022-08-10/
- Ukraine in default according to Fitch and S&P: https://www.reuters.com/markets/rates-bonds/sp-fitch-lower-ukraines-foreign-currency-rating-2022-08-12/
- Ukraine Wins Payment Pause for $20 Billion of Foreign Bonds: https://www.bloomberg.com/news/articles/2022-08-10/ukraine-wins-bondholder-approval-to-freeze-debt-payments-to-2024#xj4y7vzkg
- Ukraine Cut to Default by S&P After Creditors OK Debt-Payment Delay: https://www.bloomberg.com/news/articles/2022-08-12/ukraine-cut-to-default-by-s-p-after-creditors-ok-debt-delay#xj4y7vzkg
- Investors Supported Consent Solicitation Transactions Initiated by Ukraine: https://mof.gov.ua/en/news/investors_supported_consent_solicitation_transactions_initiated_by_ukraine-3557
- Outstanding Eurobonds: https://mof.gov.ua/en/ozdp-shho-perebuvajut-v-obigu
- Announcement of Results of Consent Solicitation by Ukraine: https://direct.euronext.com/api/PublicAnnouncements/RISDocument/Ukraine%20Results%20Announcement%20-%20Eurobonds%20final.pdf?id=c541aa6a-0fee-48cc-a560-583aecee9964
- Notices of Amended and Restated Written Resolution by Ukraine: https://direct.euronext.com/api/PublicAnnouncements/RISDocument/Notices%20of%20Amended%20and%20Restated%20Written%20Resolutions%20(Eurobonds)%20(3%20August).pdf?id=3c28e14e-87b3-46b2-9e74-2ee31b33978a
- Announcement of Amendment to the Consent Solicitation by Ukraine: https://direct.euronext.com/api/PublicAnnouncements/RISDocument/Ukraine%20Eurobonds%20-%20Second%20Amendment%20Announcement.pdf?id=107640dd-9511-4aaa-a417-d07402398d8d
- Notice of Written Resolution by Ukraine: https://direct.euronext.com/api/PublicAnnouncements/RISDocument/UKRAINE%20-%20Notice%20of%20Written%20Resolution%20.pdf?id=4bbdec39-0d64-455d-8825-8d82369b95d4
- Announcement of Consent Solicitation by Ukraine: https://direct.euronext.com/api/PublicAnnouncements/RISDocument/Ukraine%20-%20Launch%20Announcement%20(Eurobonds).pdf?id=ab969774-f4da-4faf-87ea-9a2598968da4
| Timeline | Key Timeline: Monday 15 August 2022 Event Determination Date Tuesday 27 September 2022 5.00pm London time: deadline for submission of Customer Physical Settlement Requests to the relevant Participating Bidder. Wednesday 28 September 2022 Auction Date. Thursday 29 September 2022 4.00pm London time: deadline for Buyers to deliver Notices of Physical Settlement to Sellers in respect of any Representative Auction–Settled Transactions. Monday 3 October 2022 Auction Settlement Date. Tuesday 4 October 2022 4.00pm London time: deadline for Sellers to deliver to Buyers any Seller Notices of Physical Settlement in respect of any Representative Auction–Settled Transactions. Physical Settlement Dates in respect of any Representative Auction-Settled Transactions:
Note: Physical Settlement Dates are set out to account for the bank holiday in the US on 10 October 2022. |
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| Auction Settlement Terms |