KIEV, March 12 – Oschadbank plans to restructure the major part of Naftogaz Ukrayiny's debt for credits issued by the bank into the gas and oil giant's bonds, as this is a more liquid instrument, reads an offering memorandum.

"It is expected that the bank would buy the major part of Naftogaz's bonds," reads the document.

Oschadbank said that Naftogaz's bonds have various maturity terms, giving the bank additional flexibility for refinancing purposes or in sales to local or foreign investors, which would allow it to reduce the share of the debtor in its credit portfolio.