Ukraine Ditches ‘Toxic’ Debt That Would Hurt Post-War Recovery

Ukraine restructured its growth-linked debt into conventional bonds, ditching an instrument that would be “toxic” in a post-war recovery scenario, Finance Minister Serhiy Marchenko said.

The sovereign’s conversion offer was backed by 99% of the holders of the so-called GDP warrants, who will exchange nearly $2.6 billion of the securities for $3.5 billion in bonds, the Finance Ministry said in a statement to the London Stock Exchange on Thursday.