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. Last Updated: 07/27/2016

Kiev Launches Plan To Convert Paper

KIEV -- Ukraine announced Wednesday an anxiously awaited plan to help shift its short-term debt burden via voluntary conversion of treasury bills held by foreigners into longer paper.

The Finance Ministry's statement said the offer was valid immediately until Sept. 16 but gave no other details, telling investors to obtain the terms of the offer from custodian banks.

The scheme applied to foreign investors' portfolios of Ukrainian OVDP discount treasury bills issued in 1997 and 1998, any portion of which may be swapped for new medium-term bonds, the ministry said.

"The Ukrainian government, acting through the Finance Ministry ... will invite investors holding 1997 midterm bonds and nonresident investors holding OVDPs issued in 1997 and 1998 [underlying bonds] voluntarily to exchange all or any portion of their underlying bonds for mid-term exchange bonds," the statement said.

Ukraine says foreigners' share of the domestic debt market has slumped to 20 percent from 50 percent in January.