Ukraine strikes deal to restructure $2.6bn of growth-linked debt
Investors agree to swap controversial ‘GDP warrants’ for new bonds
Investors agree to swap controversial ‘GDP warrants’ for new bonds

Deal replaces $2.6bn of GDP warrants that had become a ‘serious fiscal risk’ for Kyiv, says finance minister

Kyiv presents offer to holders of $2.6bn of warrants seen as key to financing its war effort

Breakdown of talks with creditors comes as Kyiv seeks expansion of IMF bailout

Money to be borrowed against bloc’s budget after leaders fail to agree on proposal using Moscow’s funds

Negotiations come as London and Brussels seek closer defence alignment in wake of Trump threats

Ukraine’s bondholders are betting they can avoid taking further losses to fund the war effort