Sayenko Kharenko has advised joint lead managers Raiffeisen Bank International and Renaissance Capital on the EUR 325 million Eurobond issue by DTEK Renewables, a first-ever issue of notes under the green bond framework by a business from Ukraine.
Aequo and Freshfields Bruckhaus Deringer have advised NJSC Naftogaz on Ukrainian law matters in connection with the company’s return to the market with EUR 500 million 7-year Eurobonds at 7.625% p.a., its second capital markets transaction in 2019. Avellum and White & Case advised lead-manager and book-runner Citibank.
“It’s not that laws don’t exist – it’s the faith in the law, courts, and lawyers that is missing,” says Zoryana Sozanska-Matviychuk, Partner at Redcliffe Partners in Kiev. “What I hope we see from the new government is not any particular legislation; it is much better implementation. This will hopefully lead to more trust in the country’s legal system as a whole.”
As the country entered the 21st century, Ukraine’s Soviet-era judicial system was widely condemned as corrupt, incompetent, and inefficient. Committed to rectifying the situation, in 2015 the Ukrainian government introduced plans to reform the entire system. That transformation, which was the focus of an August 2017 CEE Legal Matters Round Table, continues today. We reached out to several of the Ukrainian dispute resolution specialists we spoke to several years ago for an update.