Ukreximbank places USD 500 mln Eurobond

Ukreximbank places USD 500 mln Eurobond



17 січня 2013 года
Конкорд Капитал

Ukraine’s state-owned Ukreximbank (EXIMUK) placed a USD 500 mln, five-year Eurobond at 8.75% YTM, Interfax reported on Jan. 16, citing its sources. Other news sources didn’t specify the placement price, though confirmed that the coupon rate of the new Eurobond was set at 8.75% (with semi-annual payments). Moody’s assigned a B3 rating to the new EXIMUK issue, in line with its sovereign rating and the rating of the bank’s other Eurobonds.



Alexander Paraschiy: Despite the coupon rate being slightly above the range that we estimated yesterday (8.6-8.7%), the placement looks successful, especially taking into account that there’s lot of uncertainty surrounding the Ukrainian government’s plans to issue new debt. Recall that Ukraine has to return three installments of USD 1.3 bln to the IMF during the next four weeks and little clarity remains on the resumption of cooperation with the Fund. We see a high chance that the dollars raised by Ukrexim will enable the NBU to avoid decreasing its dollar reserves this month after a USD 0.4 bln IMF repayment due in late January.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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