BAVL Planning USD 99 mln Private Local Bond Placement In Summer

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.