Ukraine says it has creditor approval for growth-related warrant changes

Ukraine has gained the necessary approval from holders of its GDP warrants to its request for proposed changes to the securities, preliminary results of a vote released in a filing on Tuesday showed. The Ukrainian government launched a proposal in July to change conditions on its $2.6 billion of outstanding GDP (gross domestic product) warrants, a derivative security that triggers payments linked to economic growth.

Ukraine has gained the necessary approval from holders of its GDP warrants to its request for proposed changes to the securities, preliminary results of a vote released in a filing on Tuesday showed.

The Ukrainian government launched a proposal in July to change conditions on its $2.6 billion of outstanding GDP (gross domestic product) warrants, a derivative security that triggers payments linked to economic growth. "Approximately 93% of Holders of the Notional Amount of Securities outstanding were represented for quorum purposes and approximately 91% of such Holders had voted in favour of the Extraordinary Resolution," Tuesday's statement said.

Ukraine said that final results will be announced after a meeting on Wednesday. Kyiv is also asking creditors to defer payments on the war-torn country's international bonds for 24 months as Ukraine seeks to avoid a potential $20 billion debt default.