The timing ruined the Finance Ministry’s placement of $1.75 billion in Eurobonds

The timing ruined the Finance Ministry’s placement of $1.75 billion in Eurobonds. Before the offering was yanked Thursday, the bonds were four times oversubscribed and yields had dropped 50 basis points, to 7.3%. “The Ministry of Finance reacted very correctly,” Smoliy said. “If the money had gone before investors learned of the resignation of the NBU chairman, there would have been an even bigger scandal. It would be perceived by investors as a deception, saying that the Ministry of Finance knew about the resignation, but investors did not.”