Bank Khreschatyk To Finish Eurobond Deal In February, Considering IPO

The Chairman of the board at Bank Khreschatyk, Dimitrii Gridzhyk said yesterday that the bank was hoping to complete its Eurobond placement in February of next year and attract a syndicated loan for USD 35-45 mln in March or April. Gridzhyk added that the size of the Eurobond would depend on the situation on the market and that the bank’s management was interested in holding IPO for a 20% stake. In September, the bank announced plans to make a USD 250 mln Eurobond issue, but had to put it off while it finished an USD 57.4 mln additional share issue. On Tuesday, Standard & Poor’s named Khreschatyk the second most transparent bank in its study of corporate governance standards of the 30 largest Ukrainian banks.  The following day Fitch downgraded the bank from B to B- with a stable outlook, due to the reduction of the city of Kyiv’s stake in the bank from 51.2% to 23.7%.