Banking sector Eurobond issuers - 2Q12 results overview

Banking sector Eurobond issuers - 2Q12 results overview



10 серпня 2012 года
Конкорд Капитал

Banks are still struggling to return to decent profitability (the NPL surge in 2009-11 is still being felt), but their debt-servicing capacity is currently beyond concern. Steady deposit inflows (+10% yoy in June) against the backdrop of sluggish lending (+4% yoy) leaves banks with sufficient funds to make timely payments on liabilities. We remain positive on the liquidity and solvency of privately held FUIB and Privatbank, as well as state-owned Ukreximbank and Oschadbank. The latter two are deploying all new cash into government T-bills, but the money will certainly be returned should the banks need it for debt redemptions. We are wary of Finance & Credit Bank and VAB Bank Eurobonds as we believe the issuers need shareholder support for liquidity and solvency.

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Источник: Конкорд Капитал

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