乌克兰 Ukrenergo 重谈绿色债券条款，应对战后重建资金难题

Core Viewpoint - Ukrenergo is renegotiating the terms of its green bonds issued in 2021, aiming to restructure its debt in response to the financial impact of the ongoing conflict with Russia [1][6]. Group 1: Debt Restructuring - Ukrenergo has reached an agreement with a temporary group representing about 40% of bondholders, offering two options: bond buyback or bond swap [3]. - The buyback option allows Ukrenergo to borrow $430 million at a discount to repurchase some bonds, with bondholders able to sell their bonds back at approximately 65% of face value plus interest [3]. - The bond swap option enables bondholders to exchange their old green bonds for new ones, with the new bonds offering an 8.5% interest rate and a repayment schedule from 2028 to 2031, but without government repayment guarantees in case of new crises [3]. Group 2: Conditions and Implications - If insufficient bondholders participate in the buyback or swap, Ukrenergo may automatically convert remaining bonds into new ones at a less favorable exchange rate [5]. - Approval from a majority of bondholders is required for the proposed changes to the bond terms and government guarantees; without this approval, financing and debt operations will not proceed [5]. - The restructuring of Ukrenergo's debt is a significant milestone in Ukraine's overall debt restructuring efforts, with previous payments on the bonds already suspended [6].