Ukrainian Railway

State-owned rail monopoly Ukrainian Railway (RAILUA) was incorporated as a public JSC in December 2015, consolidating its regional rail operators. The company owns almost 21,000 km of rail track and a fleet of c. 4,000 locomotives, 110,000 freight and 5,000 passenger railcars. RAILUA accounts for 62% of total freight transportation in Ukraine, being the largest freight operator in Europe, and 36% of domestic passenger transportation. It is the largest domestic employer with a c.300,000-strong labor force.
Year 2026 2028
Issue Volume ($m) 703 352
Coupon Rate (% p.a.) 8.25% 7.875%
Coupon Frequency S/A S/A
Maturity date 7/9/2026 7/15/2028
Ratings: Fitch/Moody`s/S&P RD/D/—/—/SD/— RD/D/—/—/SD/—
Market Price* ($) 85.00 83.00
Market YTM* - 18.20%
Spread over UST* - -
Note: *Based on bid price.
Year 2021 2022 2023
Net Sales ($m) 3,181 *** ***
EBITDA ($m) 516 *** ***
Net Income ($m) 17 *** ***
EBIT Coverage Ratio (x) 0.43 *** ***
Net Debt/Equity (%) 18.4% *** ***

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Latest news about Ukrainian Railway

Jul 07, 2026
| Transportation

Ukrainian Railways — CEO counts on IFIs to facilitate Eurobond restructuring

IFIs may facilitate the restructuring of RAILUA Eurobonds due 2026 and 2028 by “providing additional liquidity in the deal,” Ukrainian Railways CEO Oleksandr Pertsovskyi said. Pertsovskyi also noted that he is waiting for the finalization of the planned 30% freight tariff increase before proceeding with a revised restructuring proposal and that a deal could be reached this year, provided tariffs are increased as planned, IFIs provide financing, and bondholders remain pragmatic. He reiterated that the company is seeking restructuring terms consistent with its long-term financial position rather than a quick agreement that may need to be revisited in a few years.
Jul 07, 2026
| Transportation

Ukrainian Railways — CEO counts on IFIs to facilitate Eurobond restructuring

IFIs may facilitate the restructuring of RAILUA Eurobonds due 2026 and 2028 by “providing additional liquidity in the deal,” Ukrainian Railways CEO Oleksandr Pertsovskyi said. Pertsovskyi also noted that he is waiting for the finalization of the planned 30% freight tariff increase before proceeding with a revised restructuring proposal and that a deal could be reached this year, provided tariffs are increased as planned, IFIs provide financing, and bondholders remain pragmatic. He reiterated that the company is seeking restructuring terms consistent with its long-term financial position rather than a quick agreement that may need to be revisited in a few years.
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