Citi Proposes Groundbreaking Debt Deal for Ukraine Reconstruction Amid Uncertainty

Citigroup has been working on a debt-for-reconstruction swap deal to help Ukraine fund its reconstruction. The proposed transaction, which would be the first of its kind, would allow the state-owned grid operator NPC Ukrenergo to refinance a chunk of its debt on more attractive terms. The savings could be used to rebuild Ukraine's power grid, which has been a target of Russia's attacks. Investor interest has been mixed due to the rapidly changing environment in Ukraine.