Ukraine raises 10 year cash with minimal premium
Ukraine priced a $1.25bn Reg S/144A November 2022 note late on Monday, in its first benchmark since the summer. The book was oversubscribed, allowing the issuer to price inside initial guidance at what one of the leads estimated to be a new issue premium of about 5bp.
JP Morgan, Morgan Stanley, Sberbank and VTB Capital priced the deal at par with a coupon of 7.8%, having given initial pricing indications at 8% area when they announced the deal at the New York open on Monday.
The 8% yield indications were based on a new issue
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