Overview:

• The Government of Ukraine restructured three sovereign-guaranteed loans borrowed by state-owned companies Ukravtodor (State Road Agency of Ukraine and Yuzhnoye State Design Office with a total value of around $404 million.
• The creditors - Sberbank and Citibank - have exchanged the outstanding loan amount and remaining interest for Ukrainian sovereign debt after agreeing to a 25% write-down. 
• Around 75% of the loans have been converted Ukraine's 7.75% eurobonds (due 2019) and the remaining 25% have been converted into Ukrainian GDP-linked securities. 

Ben Naylor - Regional editor