Kiev city to issue up to $350 mln Eurobonds in 2003
Date: 10-Sep-02
Country: UKRAINE
Valery Borysiv told Reuters the city expected to issue the bonds with at least five-year maturities but gave no other details of the planned issue. "In October we plan to finish work on choosing a company which will give us a credit rating. We are considering several offers," Borysiv said, adding the municipal government hoped to get a credit rating.
If the issue goes ahead, Kiev will become the first city in the ex-Soviet country to tap the international bond markets.
Ukraine issued sovereign seven-year Eurobonds in a debt swap in 2000, rescheduling $2.37 billion in short-term commercial debt for longer term papers. The government plans to return to the international markets next year and to issue new sovereign bonds.
Ukraine is rated B2 by Moody's Investors service and B by Fitch Ratings.
