The proceeds of the transaction were used to settle an open-market repurchase of Ukraine’s GDP-linked Securities which was announced earlier in August. As a result, Ukraine successfully completed its first ever liability management exercise involving government derivatives as envisaged by the state debt management strategy. Sayenko Kharenko’s team included partners Igor Lozenko and Nazar Chernyavsky and associates Oles Trachuk and Vladyslava Mitsai.