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BAVL Planning USD 99 mln Private Local Bond Placement In Summer

BAVL Planning USD 99 mln Private Local Bond Placement In Summer

17 January 2008

Raffeisen Bank Aval announced yesterday that it is planning to make a UAH 500 mln (USD 99 mln) private local bond placement in June of this year. According to the bank the bonds will have a yield of around 13% and a maturity of 18 months. Oleksandr Klymchuk: Apart from this private issue, on January 22 Aval will make two public issues. Its Series B bonds of UAH 250 mln (USD 49.5 mln) have a 5-year maturity, typical for local corporate changeable coupon rates and annual put options (coupon rate for the first year is set at 13%). The Series C bonds of UAH 150 mln are bullets with 3-year maturity and 13.5% coupon paying annually. We expect the bonds to be placed with a premium to par, at a yield range of 11-11.7%. We also expect Aval to make a Eurobond issue by the end of the year.

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