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Kinstellar Advises Raiffeisen Bank International AG on the First Derivatives Transaction Under 2002 ISDA Master Documentation in Ukraine

Kinstellar’s Kyiv office has acted as legal advisor to Vienna-based Raiffeisen Bank International AG on the enforceability under Ukrainian law of netting derivative transactions with VF Ukraine PRJSC (Vodafone Ukraine) documented under the 2002 ISDA Master Agreement (English-law governed).

Kinstellar’s team was led by Counsel Dmytro Pshenychniuk and Banking & Finance Partner Oleksandr Kurdydyk, with key support from Viktoriia Luganska, and Junior Associate Kateryna Lahodivets.

The team provided structuring advice, assisted the client with drafting the ISDA master documentation, and advised on the close-out netting arrangements with Vodafone Ukraine.

Kinstellar has been at the forefront of major developments in the derivatives market in Ukraine and our banking, finance and capital markets practice is best known for its innovative approach to problem-solving in relation to the most complex derivatives and structured products issues.

Dmytro Pshenychniuk comments on the transaction:

“This inaugural derivatives transaction was executed by the counterparties after the Capital Markets Law became fully effective in July 2021. We are pleased that Ukraine is now on the netting map and that Ukrainian corporates may use the benefits of the Capital Markets Law to manage their borrowings. I also thank Raiffeisen Bank International AG and Vodafone Ukraine for their tremendous support in entrusting us with their challenging assignments, as well as our team for delivering such outstanding results for our clients through their talent, commitment and dedication.”

The 2002 ISDA Master Agreement incorporates standardised terms on which buy- and sell-side firms negotiate and agree clauses within their ISDA documentation. ISDA is known for safe and efficient documentation for global and local derivative businesses.

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