Kyiv's municipal bonds, which are quasi-sovereign guarantees, will be restructured on the basis that is similar to the restructuring of sovereign and government-backed securities, Ukrainian Finance Minister Natalie Jaresko said.
“The city of Kyiv was included in the category that has to meet all three criteria [of the debt operations formulated by the International Monetary Fund]. And that remains the fact. They [municipal bonds] were not included in this particular debt restructuring [proposal], because it is a quasi-sovereign <…> guarantee. We have started the debt restructuring of the city of Kyiv and initial discussions were held last week and this week already,” she said.
They are “separate from this operation but it will be done on the basis of this. It doesn’t need to be going to be on identical terms, but they will reflect these terms in every way,” she added.
