On May 31, Ukraine will make its first payment on GDP warrants issued under the 2015 public debt restructuring.

The payment will be $40.1 million, according to the Irish Stock Exchange. With a total face value of $3.2 billion, the bonds are to be repaid through 2040, depending on GDP growth. Analysts warn that, if Ukraine’s economy grows steadily, the warrants could become a time bomb for the nation’s finances. Yesterday morning the warrants were trading at 108.5% of face value. The first payment will be $1.26 of their notional amount.