Oschadbank completes exchange of its Eurobonds

Oschadbank completes exchange of its Eurobonds



3 вересня 2015 года
Конкорд Капитал

Ukraine’s State Savings Bank (Oscahdbank, OSCHAD) completed the exchange of its 2016 and 2018 Eurobonds into new notes on Sept. 1, the bank reported the next day. Following the exchange process approved by bondholders on Aug. 3, the bank will issue two new Eurobonds, USD 700 mln in notes maturing on Mar. 3, 2023 and USD 500 mln in notes maturing on Mar. 20, 2025.

Alexander Paraschiy: The bonds of Oschadbank’s peer, Ukreximbank, started trading a week after the completion of the exchange. So we expect Oschadbank’s new notes will start trading next week. Thus far, OSCHAD’s old notes are still trading, showing levels of 86.0-86.3 pecent of par value. These prices imply YTMs after their exchange of about 13.2% to 13.7%, which is a high spread to the restructured notes of Ukreximbank (EXIMUK) which yield 11.9%.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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