KIEV, Feb. 6 – Pending repayment of its eurobonds worth $1.6 billion in September 2014, Naftogaz Ukrayiny may offer eurobond holders to swap the corporate papers for sovereign eurobonds, according to analysts from Sberbank CIB.

"Overall, we see a high probability that the Ukrainian government will offer holders of the Naftogaz Ukrayiny '14 the option to swap their paper straight into the sovereign issue before the paper's maturity," Sberbank CIB said in its investment research.