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The Ministry of Finance of Ukraine won the Ground-breaking Deal of the Year nomination in the field of public debt management at the international Bonds, Loans & ESG Capital Markets CEE, CIS & Türkiye Awards 2023

On November 15, the Ministry of Finance of Ukraine was selected as the winner in the Ground-breaking Deal of the Year nomination at the international Bonds, Loans & ESG Capital Markets CEE, CIS & Türkiye Awards 2023. 

The award ceremony was held in Istanbul, Turkey, with the participation of Government Commissioner for Public Debt Management of Ukraine Yuriy Butsa. 

The event, organized by the GFC Media Group, annually recognizes the most innovative capital markets transactions among government, corporate and financial institutions in Central and Eastern Europe, the Commonwealth of Independent States and Turkey.

The Bonds, Loans & ESG Capital Markets CEE, CIS & Türkiye Awards have been held since 2014. The winners are determined after a thorough analysis of the size, structure, distribution of transactions, as well as the quality of their execution and access to new liquidity pools and the opening of new markets.

The Ministry of Finance won the nomination due to the effective work of the team in the field of public debt management.

Since the first days of the full-scale invasion of russia, the Ministry of Finance has increased expenditures to finance the urgent needs of the state during martial law, which led to an increase in the State Budget deficit, while international reserves have significantly decreased. This led to the need for a public debt management operation.

In August 2022, the Ministry of Finance managed to agree with investors on a proposal to postpone payments on all sovereign and state-guaranteed Eurobonds for a total amount of about USD 21.1 billion. As a result, Ukraine received much-needed assistance, thanks to which the state saved about USD 6 billion over two years.

Investors supported the Eurobonds proposal without a consent fee, which is a customary condition for such transactions. This strategically important transaction was widely supported by Ukraine's private investors and endorsed by G7 partners, including the United States, the United Kingdom, Canada, Japan, France and Germany.

"I am grateful for the recognition of the success of the sovereign debt management operation, which contributed to the financial stability of Ukraine. This agreement was the fastest ever reached between a sovereign and its creditors. This result was achieved due to transparent communication with investors after the start of the full-scale invasion and the goodwill that Ukraine has gained over the past years of cooperation with investors. Amid extreme uncertainty, the Ministry of Finance continues to ensure the debt and financial security of the state, which was recognized by the award," commented Yuriy Butsa.