As the full-scale war continues into the second year, Ukrainian companies are facing unprecedented difficulties with attracting capital which is desperately needed to restore their day-to-day business operations and production halted by the military aggression. Predictably, international debt capital markets remain inaccessible not only to Ukrainian private borrowers but also to sovereign entities. The unpleasant situation worsens with high costs of borrowing, which have skyrocketed even more for Ukrainian borrowers since the outbreak of the war due to unsustainable country risk.
