Ukreximbank plans to issue additional USD 250 mln in Eurobonds
15 October 2010
Ukreximbank, 100% owned by the government, plans to issue an additional USD 250 mln in Eurobonds maturing in April 2015, on top of USD 500 mln originally issued in April this year. The bonds now yield 7.3% s.a., ~125 bps above Ukraine’s sovereign curve. Given the historical guidelines and the bank’s current reasonably good financial condition, we believe that the spread may narrow to less than 100 bps, providing up to 1.8% in price upside potential.
