In Focus (#06 June 2011)

Another Deal-making Year Expected?

Following a period of debt restructuring, Ukrainian companies are gradually coming back to international capital markets.

The opportunities to raise capital by means of equity or debt issue have drawn more attention because of the general overload with banking loans across all sectors of the Ukrainian economy.

Numerous initial public offering declared in the past years did not actually take place. In 2010 primarily Ukrainian agribusiness became a leader in IPOs. As the pre-offering compliance procedures are long-lasting, it is widely discussed that many companies are at the preparatory stage. No wonder that lawyers and auditors have a lot of work to ensure compliance with requirements of international financial centres.

2011 is expected to see a record number of Ukrainian offerings.

Meanwhile, debt capital market transactions have also seen some recovery. Ukrainian steel, mining, energy, telecom, agriculture and banking industries used these instruments to attract funds. Sovereign borrowings are made on a regular basis and are part of state fiscal policy.

With the beginning of summer the UJBL editorial team has brought together a very professional list of contributors to discuss the complexity of capital markets transactions, regulatory framework and challenges, landmark developments and perspectives.

Happy reading,
Olga Usenko

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