Citi has opened to foreign investors access to Ukrainian state bonds via the GDN program

Citi announced the expansion of the global deposit note program (GDN ) for Ukrainian public debt bonds

According to a press release from the bank, Ukraine became the 20th member of the GDN of American Citibank NA acting as depositary.

The document specifies that GDN is a type of Classic Depository Receipt (DR), where the underlying asset is a Superior Debt. Such an instrument facilitates the access of foreign traders and institutional investors to local debt instruments, as MDG arrangements can be concluded for US dollars and through global depositories Euroclear, Clearstream or Depository Trust. Company (DTC). 144A (for qualified US investors) or Reg S (for non-US investors) and retain for their owners all the benefits of the underlying securities.

According to Citi, the GDN program was launched in 2007 in Peru. Currently, except in Peru and Ukraine, there are: Dominican Republic, Costa Rica, Mexico, Ecuador, Colombia, Chile, Paraguay, Guatemala, El Salvador, Jamaica, Panama, Nigeria, Kazakhstan, Zambia, Uganda, Rwanda, Turkey and Venezuela.

Previously, Citi Citigroup Global Markets Holdings Inc. (USA) structure has actively issued credit notes (CLN) under Ukrainian Hryvnia OVDP. The securities are listed on the Irish Stock Exchange of Euronext Dublin. The total amount of the issue is about 5 billion USD, while part of the treasury bills has already been repaid.

According to the National Bank of Ukraine, as of July 13, non-resident holdings hold 9.973 billion UAH