Sayenko Kharenko has advised the European Bank for Reconstruction and Development on its entry into the 1992 ISDA Master Agreement with the National Bank of Ukraine, the Ukrainian central bank.
According to Sayenko Kharenko, ”the 1992 ISDA Master Agreement will be used as a basis for the entry into USD-UAH swaps within a USD 500 million swap facility agreed between the EBRD and the NBU earlier this year. The USD-UAH swap facility was set up to increase the availability of Ukrainian currency to the local businesses impacted by the Coronavirus pandemic. It will enable the EBRD to provide UAH loans to its existing and new clients with a goal to support their urgent liquidity, short-term working capital, and trade finance needs. The first USD 30 million swap was executed in June 2020.”
The ISDA Master Agreements, published by the International Swaps and Derivatives Association, are the most commonly used master agreements to document over-the-counter derivative transactions internationally.
Sayenko Kharenko’s team included Partners Nazar Chernyavsky and Anton Korobeynikov and Senior Associate Dmytro Vasylyna.