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Concorde Capital Research: NBU allows Ukrainian banks to freely purchase their own Eurobonds

11 sierpień 2017 - Cbonds


The National Bank of Ukraine (NBU) announced in an Aug. 9 press release it has made it easier for banks to purchase their own international Eurobonds. It has also eased the purchase by banks of sovereign Eurobonds of G7 countries with ratings of no less than AA-/Aa3 and maturity of no longer than five years. While earlier a Ukrainian bank had to apply for an individual license for such purchases, now it can do such transactions by using its general license, the NBU commented.

Currently, three Ukrainian banks have Eurobonds outstanding, including Oschadbank (OSCHAD), Ukreximbank (EXIMUK) and PUMB (PUMBUZ). There are also three Eurobond issues of Privtabank (PRBANK), which were bailed-in in late 2016, based on Ukrainian legislation.

Alexander Paraschiy: As we highlighted in our comments on the interim financial results of Oschadbank and Ukreximbank, their Eurobonds are currently the most expensive source of their funding. Therefore, it would be wise for them to consider their partial purchase or early redemption in order to reduce their average cost of funding and interest expense. The approved regulation makes such operations easier for the banks. This may also play to support the prices of these bonds. All this leads us to maintain our bullish view on OSCHAD, EXIMUK and PUMBUZ notes.
Emitent, numer emisjiOschadbank, 8.875% 20mar2025, USD
Rodzaj instrumentu dłużnegoEuroobligacje
Wykup nominałuAmortyzacyjna
Status emisjiW obrocie
Typ rozmieszczeniaPubliczna
Nominał, waluta200.000 USD
Wartość emisji500 000 000
Zakończenie rozmieszczenia01.09.2015
Wysokość kuponu8.875% until 20.09.2015; 9.625% until 20.03.2025;
Częstotliwość wypłat kuponu2 raz(y) rocznie
Data, od której nalicza się oprocentowanie20.03.2015
Data zapadalności20.03.2025
Agent emisjiBookrunner: Exch/Restr.
Parkiet giełdowyIrish S.E.
Emitent: Oschadbank
Profil emitenta:
Oschadbank is a state-owned bank, one of the largest financial institutions of Ukraine.
Obligacje w obrocie:
2 emisjiUSD1 200 000 000
Rating emitenta:
IBI-RatingSuspended/National Scale Rating31.08.2015
UCRAWithdrawn/National Rating Scale01.08.2013
Moody's Investors ServiceCaa3/PozytywnaLT- foreign currency30.08.2017
Moody's Investors ServiceCaa2/PozytywnaLT- local currency30.08.2017
Moody's Investors Scale (Ukraine)30.08.2017
Fitch RatingsB-/StabilnaLT Int. Scale (foreign curr.)25.07.2017
Fitch RatingsB-/StabilnaLT Int. Scale (local curr.)25.07.2017
Fitch RatingsAA(ukr)/StabilnaNational Scale (Ukraine)25.07.2017
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