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Ukraine's GDP-warrants leap on restructuring proposal

BY Reuters | ECONOMIC | 12/02/25 03:19 AM EST

LONDON, Dec 2 (Reuters) - Ukraine's GDP warrants leapt to their highest level in over four years on Tuesday after the government launched a formal plan to restructure the fixed income instruments that would potentially pay out billions of dollars in coming years.

Ukraine wants to retire the $3.2 billion worth of warrants and replace them with one new bond with rising interest rates. It is also offering investors up to $180 million ($180.00 million) in cash to back to the deal.

Tuesday's reaction was a more than 4 cent jump in the price of warrants. It lifted them to 97.4 cents on the dollar, Tradeweb data showed, their highest level since late 2021 when worries of a Russian invasion were starting to mount. ($1 = $1.0000) (Reporting by Marc Jones, editing by Karin Strohecker)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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