Ukraine made it first payment – $41 million – for GDP warrants issued as part of the public debt restructuring in 2015.

The trigger for yesterday’s repayment was Ukraine’s GDP growth of 3.2% in 2019. Last summer, seeing the 3% barrier falling, the Finance Ministry bought back $330 million of the warrants, about 11% of the outstanding total. Ukraine is liable for paying on these warrants through 2040.