Group 1 - Citigroup plans to underwrite the world's first "debt-for-reconstruction" bond to help Ukraine's national power grid company refinance part of its debt under more attractive terms, with interest savings directed towards repairing war-damaged power systems [1][2] - The target size for this transaction is set between $750 million and $1 billion, marking Citigroup's entry into the ESG debt swap market, where competitors like JPMorgan, Standard Chartered, and MUFG have already established a presence [2] - Citigroup is the only Wall Street bank that has maintained operations in Ukraine since the war began, serving around 500 clients, including the Ukrainian government [2] Group 2 - The proposed bond transaction is part of a broader debt management strategy in Ukraine, which includes a $20.5 billion bond restructuring agreement reached last year, with ongoing negotiations for $2.6 billion in economic growth-linked warrants and a $700 million loan from Cargill Financial Services International [5] - Citigroup has previously signed a $100 million revolving credit agreement with the European Bank for Reconstruction and Development to enhance local currency supply for Ukrainian businesses [3] - The U.S. International Development Finance Corporation (DFC) may play a crucial role in mitigating geopolitical risks associated with the transaction by providing political risk insurance to reassure private investors [4]