Baker & McKenzie announced today that it recently acted for the City of Kyiv in the first municipal eurobond offering from Ukraine.
The transaction was structured as a US$150 million issue of loan participation notes to fund a loan to the City of Kyiv, acting through the Kyiv City Council. Kyiv is the political capital and the financial, scientific and cultural centre of Ukraine. Baker & McKenzie acted as English and Ukrainian legal advisors to the City of Kyiv. The offering was joint lead managed by Dresdner Kleinwort Wasserstein, J.P. Morgan and UBS Investment Bank.
Commenting on the offering, Kyiv office Managing Partner James T Hitch III said: “We are delighted to have been involved in this groundbreaking deal in Ukraine. We believe that the success of this offering again confirms the value to our clients of our ability to offer a one-stop shop combining local law expertise with international capital markets advice.”
The team consisted of Partners David Scott and Mitch Gitin in Moscow, and Serhiy Chorny and Serhiy Piontkovsky in Kyiv. Assistance was provided by Associates Carter Brod in London and Glib Bondar and Stanislav Lyudkevich in Kyiv.
Clifford Chance acted for the joint lead managers on English and German law matters and Ukrainian law firm Shevchenko Didkovskiy & Partners acted as the joint lead managers’ Ukrainian legal adviser on the transaction.