Dragon Capital Acts As Joint Lead Manager on a $500m Vodafone Ukraine Eurobond Issue

Dragon Capital acted as a Joint Lead Manager for the Vodafone Ukraine’s debut 5-year US$500 million Eurobonds offering.

High demand from investors with the books reaching US$3bn+ allowed Vodafone Ukraine achieve very good pricing terms with a coupon rate of 6.20% (ca. 100bps over Ukrainian sovereign curve).


The offering in Rule 144a/Reg S format was marketed to both European and US clients.


Key transaction parameters:



VFU Funding PLC


Private Joint Stock Company “VF Ukraine”

*Issue ratings

·        B by Fitch Ratings CIS Ltd

·        B by Standard & Poor’s Credit Market Services Europe Ltd


Loan Participation Notes


Senior unsecured


Rule 144A / Regulation S

*Issue size





6.20% SA

*Use of Proceeds

Refinancing of the US$464m bridge facility, general corporate purposes

*Law / Listing

English / Euronext Dublin (GEM)

*Joint Bookrunners

J.P. Morgan, RBI

*Joint Lead Managers

J.P. Morgan, RBI, Dragon Capital, ICBC Standard