KIEV, Aug. 28 – The Ukrainian government has approved the preliminary conditions of the issue of value recovery instruments (VRI, bonds) pegged to GDP indicators.
"[The bonds] would not have the principal of the loan, but the bonds pegged to GDP indicators that would be presented during the calculations of the exchange offers. They would have the conventional sum equal to the relevant primary nominal sum of the existing bonds that are written down, [and the concrete mechanism is to be discussed]," reads cabinet resolution No. 859 of August 27.
According to the resolution, the first possible date of payment will be January 15, 2021 after the indicator of GDP for 2019 is received. Then payments would be settled every year (for example, on January 15), at least a year after announcing the GDP indicators are announced.