Metinvest B.V. (Netherlands), the parent company of an international vertically integrated mining and metallurgical group, has paid another coupon on its 2029 Eurobonds and, despite the war in Ukraine, continues to meet its debt obligations, particularly to Eurobond holders.
“We can confirm the payment of the coupon on the 2029 bonds,” Andriy Burlakov, head of the Metinvest Group’s press service, told the agency “Interfax-Ukraine” in response to an inquiry.
The next coupon payment date for the 2029 Eurobonds is May 17.
“Coupon payment dates are May 17 and November 17 (each year),” according to the information regarding the 2029 bonds.
The coupon rate is 7.750% per annum.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in European Union countries, the United Kingdom, and the United States.
The holding’s main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
Vodafone Ukraine (VFU), Ukraine’s second-largest mobile operator, which has repurchased approximately $24.4 million worth of its own Eurobonds since late May of last year following several offers related to dividend payments, has announced another similar tender at 98% of par value for a total of $1.17 million.
As noted in a statement on the Irish Stock Exchange, the company previously made another monthly dividend payment on May 5 in the amount of 60.18 million UAH.
Applications to participate in the tender are being accepted through May 19, and settlements are scheduled for May 26.
Bonds maturing in February 2027 with a coupon rate of 9.625% per annum were issued for $300 million. Their redemption is related to the fact that on April 24, 2025, VFU announced the accrual of dividends to its shareholder in the amount of UAH 660.245 million ($15.9 million at the exchange rate specified in the announcement) for 2024. In accordance with National Bank restrictions, these dividends will be paid in separate monthly installments in hryvnia equivalent to EUR1 million. The company emphasized that under the terms of the bond issue, in such a case it must offer all bondholders the opportunity to submit an application to sell their bonds for an amount equal to the dividends paid outside Ukraine.
In the first two tenders, mobile operator “Vodafone Ukraine” repurchased bonds in an amount equivalent to EUR1 million. The initial repurchase was announced at 99% of par value, the second at 90% of par value. The company did not announce the results of the second buyback on the exchange, while the bid-to-cover ratio for the first buyback was 0.0040355668.
Following the third tender, where the buyback price was reduced to 85% of par value and the offer was capped at $4.67 million, “Vodafone Ukraine” received bids totaling $53.395 million and satisfied them in the amount of $5.208 million. The scaling factor was 0.1315451889487317.
The fourth tender was announced on August 13 but was subsequently extended seven times. As a result, the redemption price was increased from 85% to 98%, and the redemption amount to $10.84 million. The company received bids totaling $127.14 million for this amount. Some of the bonds were returned to their holders due to the inability to split the face value, while the rest were accepted with a scaling factor of 0.1150681.
In the fifth through ninth bond buyback tenders held from December to April, the price was again 98%: in the fifth tender, with bids totaling $1.165 million, the scaling factor was set at 0.01901; in the sixth tender, with bids totaling $1.475 million – 0.04234; in the seventh, with bids of $1.185 million – 0.3246; in the eighth, with bids of $1.18 million – 0.0333333; and in the ninth, with bids of $1.16 million – 0.449.
Overall, based on the results of the nine tenders, the total nominal value of bonds remaining in circulation is $275.64 million.
As reported, mobile operator VFU increased its revenue by 14% in 2025 compared to the previous year—to 27.8 billion UAH—while its net profit rose by 18%—to 4.18 billion UAH.
DTEK Naftogaz is restructuring its debt on $425 million in eurobonds issued through NGD Holdings B.V.: it will be repaid in installments, with final repayment deferred by three years—until December 31, 2029—and the coupon rate increased from 6.75% to 9.875% per annum.
“NGD Holdings … has received the necessary consents to implement the proposals (regarding the restructuring—IF-U)… Accordingly, all consents are now irrevocable, and the proposals are effective and binding on all bondholders,” the exchange announcement states.
According to the announcement, a restructuring consent fee totaling $2.75 million will be paid to all Eurobond holders who submitted applications on May 14.
As reported, DTEK Naftogaz made restructuring proposals on April 9 of this year. The increased interest rate of 9.875% is to be applied starting April 30 of this year, and the principal amount of the debt will be paid out gradually: $27.5 million on April 30 of this year, followed by $27.5 million every six months—on December 31 and June 30—with the balance paid upon final maturity on December 31, 2029.
On April 23, the company announced that it had received consent from holders of 88.66% of the bonds, falling short of the required 90% threshold, and extended the acceptance period by seven days. As of April 30, this figure had risen to 88.87% of the bonds, and holders were given another week to participate in the deal. The issuer warned that if the 90% threshold is not met, it may pursue an alternative option requiring approval from either 50% of bondholders or holders representing 75% of the total bond value.
As part of the restructuring, bondholders also allowed DTEK Naftogaz to withhold the publication of financial statements until the end of martial law, as resolutions by the regulator, the National Energy and Utilities Regulatory Commission (NEURC), restrict the ability to publicly disclose certain financial and operational information and data.
In justifying the restructuring, DTEK Naftogaz cited the moratorium imposed by the National Bank of Ukraine, which significantly limits DTEK Naftogaz’s ability to make cross-border transfers of funds from Ukraine to finance bond payments. It was also noted that Russia has damaged the group’s infrastructure facilities four times through shelling. Repair work is ongoing and is expected to require total capital expenditures of approximately EUR25 million.
DTEK Naftogaz clarified that consolidated revenue from the sale of gas products (including sales of natural gas, gas condensate, and purchased natural gas) decreased from UAH 27.04 billion in 2023 to UAH 19.84 billion in 2024, mainly due to the natural depletion of wells.
“Mainly due to the impact of the NBU moratorium, the Issuer expects that it will not be able to repay the Bonds on the maturity date (December 31, 2026),” the company stated.
It also noted that its subsidiaries NGD and Kosul hold rights to develop certain deep-horizon project areas that have particularly complex geological and technical characteristics, and therefore will require significantly greater capital investment for development than more traditional project areas. As a result, they have not yet developed such blocks, but in the near future, it is proposed to transfer the license rights for them to one or more new SPV project companies, which will then attempt to develop these blocks by sharing project risks, in particular by engaging one or more joint ventures and financial partners.
To implement the projects, DTEK Naftogaz also requested the creditors’ consent for the possible creation of new direct or indirect subsidiaries that will act both as operating companies for the SPVs and as holding companies for one or more SPVs. It also sought consent for the sale and transfer to one or more SPVs of the subsoil use rights for NGD and Kosul regarding two licensed blocks at a depth of over 6,250 meters, with the subsequent involvement of third parties at fair market value.
In November 2022, companies within DTEK Naftogaz acquired the rights to develop two gas fields in the Poltava region at a public auction: the Maiorivska area for UAH 1.102 billion and the Birkivsko-Zinkivska area for UAH 211 million.
According to data from the Frankfurt Stock Exchange, DTEK Naftogaz bonds are trading at 92.68% of par value. On the day the restructuring proposal was announced, their price stood at 91% of par value.
Vodafone Ukraine (VFU), Ukraine’s second-largest mobile operator, which has repurchased approximately $22 million worth of its own Eurobonds since late May following several offers related to dividend payments, has announced another similar tender at 98% of par value for a total of $1.18 million.
As noted in a statement on the Irish Stock Exchange, prior to this, on March 2, the company made another monthly dividend payment of UAH 50.866 million, which is equivalent to the monthly cap of EUR 1 million set by the National Bank for such payments.
Applications to participate in the tender are being accepted through March 26, and settlements are scheduled for April 3.
Bonds maturing in February 2027 with a coupon rate of 9.625% per annum were issued for $300 million. Their redemption is related to the fact that on April 24, 2025, VFU announced the accrual of dividends to its shareholder in the amount of UAH 660.245 million ($15.9 million at the exchange rate specified in the announcement) for 2024. In accordance with National Bank restrictions, these dividends will be paid in separate monthly installments. It is expected that each such monthly dividend will amount to a sum in hryvnia equivalent to EUR1 million. The company emphasized that, under the terms of the bond issue, it must in such a case offer all bondholders the opportunity to submit an application to sell their bonds for an amount equal to the dividends paid outside Ukraine.
In the first two tenders, mobile operator “Vodafone Ukraine” repurchased bonds in an amount equivalent to EUR1 million. The initial repurchase was announced at 99% of par value, the second at 90% of par value. The company did not announce the results of the second buyback on the exchange, while the bid-to-cover ratio for the first buyback was 0.0040355668.
According to the results of the third tender, where the buyback price was reduced to 85% of par value and the offer was capped at $4.67 million, “Vodafone Ukraine” received bids totaling $53.395 million and accepted them for $5.208 million. The scale factor was 0.1315451889487317.
The fourth tender was announced on August 13 but was subsequently extended seven times. As a result, the redemption price was increased from 85% to 98%, and the redemption amount to $10.84 million. The company received bids totaling $127.14 million for this amount. Some of the bonds were returned to their holders due to the inability to split the face value, while the remainder were accepted with a scaling factor of 0.1150681.
In the fifth, sixth, and seventh bond buyback tenders in December, January, and February, the price was again 98%: in the fifth tender, with bids totaling $1.165 million, the scaling factor was set at 0.01901; in the sixth, with bids totaling $1.475 million, it was 0.04234; and in the seventh, with bids totaling $1.185 million, it was 0.3246.
Overall, based on the results of the seven tenders, the total nominal value of bonds remaining in circulation is $277.98 million.
As reported, mobile operator VFU increased its net profit by 10.7% to UAH 3.4468 billion and revenue by 13.3% to UAH 19.03 billion in the first nine months of 2025.
The report noted that in 2025, the company received loans from related parties to service and redeem Eurobonds. In February, the parent company Telco Investments B.V. provided $49.59 million for the partial repayment of Eurobond debt. In June, an agreement was signed with Telco Investments for a dollar-denominated credit line in an amount equivalent to 660 million UAH, at 10% per annum, maturing in 2028.
Finally, in July 2025, a loan agreement was signed with the Dutch company Cemin B.V. for $10 million at 10% per annum, with a repayment term no later than the end of 2027, but not before the maturity of the Eurobonds. The funds are credited in tranches to the company’s bank account at a foreign bank and are intended to be used to redeem the bonds that Vodafone Ukraine is issuing in connection with the resumption of dividend payments this year.
The Ministry of Finance added euro-denominated domestic government bonds maturing on May 6, 2027, to the primary auction on Tuesday, December 9.
According to the updated placement calendar, the rest of Tuesday’s auctions remain unchanged: traditional offers of four issues of government bonds in hryvnia – 1.1 years, 1.7 years, 2.5 years, and 3.1 years, as well as 1.5-year dollar-denominated government bonds.
On November 18, the Ministry of Finance already held an unscheduled auction for the placement of OVDPs in euros, for which a total of EUR 6.7 million in bids were submitted for EUR 100 million, and the cut-off rate remained at 3.25%.
As for dollar-denominated government bonds, last Tuesday the Ministry of Finance refused to put them up for sale, and at the last auction on November 25, it was able to attract $121.2 million for offers of $200 million, but at the same time lowered the cut-off rate from 4.05% to 4.02%, and the weighted average rate from 4.01% to 3.98%.
As for hryvnia bonds, their placement rates have remained unchanged since April this year: 16.35% for 13-month securities, 17.1% for 19-month securities, 17.5% for 28-month securities, and 17.8% for 36-month securities per annum.
According to the updated placement calendar, there are currently no offers for either currency OVDPs or benchmark OVDPs, which banks can use to partially form reserves, at the last two auctions on December 16 and 23.
The second-largest Ukrainian mobile operator, VF Ukraine (Vodafone Ukraine, VFU), which, in connection with the payment of dividends at the end of May, repurchased its own Eurobonds worth approximately $17.7 million based on several offers, has announced another similar tender at a price of 98% of the nominal value for a total amount of $1 million 164.7 thousand.
As noted in a statement on the Irish Stock Exchange on Thursday, prior to this, on December 2, the company made another monthly tranche of dividend payments in the amount of UAH 49.315 million, which is equivalent to the monthly ceiling for such payments set by the National Bank at EUR 1 million.
Applications for participation in the tender will be accepted until December 17 inclusive, and settlements are planned by the end of the year.
Bonds maturing in February 2027 with a nominal rate of 9.625% per annum were issued for $300 million. The redemption of Eurobonds is related to the fact that on April 24, 2025, VFU announced the payment of dividends to its shareholder in the amount of UAH 660.245 million ($15.9 million at the exchange rate specified in the announcement) for 2024. According to the restrictions of the National Bank, they will be paid in separate monthly dividend payments. Each such monthly dividend is expected to amount to UAH 1 million. The company emphasized that under the terms of the bond issue, in this case, it must offer all bondholders to submit an application for their sale for an amount equal to the amount of dividends paid outside Ukraine.
In the first two tenders, Vodafone Ukraine repurchased bonds for an amount equivalent to EUR 1 million. The debut repurchase was announced at a price of 99% of the nominal value, the second at 90% of the nominal value. The company did not announce the results of the second buyback on the stock exchange, while the scaling factor for the first buyback was 0.0040355668.
Following the results of the third tender, where the redemption price was reduced to 85% of the nominal value and the offer was limited to $4.67 million, Vodafone Ukraine received bids for $53.395 million and satisfied them in the amount of $5.208 million. The scaling factor was 0.1315451889487317.
The fourth tender was announced on August 13, but was then extended seven times. As a result, the redemption price was increased from 85% to 98%, and the redemption amount to $10.84 million. The company received bids for $127.14 million for this amount. Some of the bonds were returned to their owners due to the impossibility of reducing the nominal value, and the rest were accepted with a scaling factor of 0.1150681.
As a result, on the settlement date of November 20, bonds with a total nominal value of $10 million 773.23 thousand were purchased under the tender offer. All of them were canceled, and after such cancellation, the total nominal value of bonds remaining in circulation is $281 million 759.03 thousand.
As reported, VFU increased its net profit by 10.7% to UAH 3 billion 446.80 million and its revenue by 13.3% to UAH 19.03 billion in the first nine months of this year.
The report noted that the company will receive loans from related parties this year to service and redeem Eurobonds. In February, the parent company Telco Investments B.V. provided $49.59 million for partial repayment of the Eurobond debt. In June, an agreement was signed with Telco Investments for a dollar credit line in the amount equivalent to UAH 660 million, at 10% per annum, maturing in 2028.
Finally, in July 2025, a loan agreement was signed with the Dutch company Cemin B.V. for $10 million at 10% per annum, with a repayment date no later than the end of 2027, but not earlier than the maturity of the Eurobonds. The funds are credited in tranches to the company’s bank account in a foreign bank and are to be used to redeem bonds, which Vodafone Ukraine is doing in connection with the resumption of dividend payments this year.
