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Alfa Bank Adds on USD 185 mln to its December Eurobond Issue

Alfa Bank Adds on USD 185 mln to its December Eurobond Issue

23 February 2008

Alfa Bank placed another USD 185 mln in Eurobonds (S: BB-; M: B1) at a 2% premium to par value; these bonds are fungible with its December ‘06 Eurobond placement, according to Bloomberg. The bonds have a maturity of three-years and a coupon of 9.75%. Oleksandr Klymchuk: As last year’s issue was reported to be placed at par value, the yield of the current placement is 83 bps lower. This is quite a remarkable result given the 17 bps increase in 3-year Treasuries and only 18 bps decrease in Ukrainian Sovereigns maturing in 2011. This add-on increases the total outstanding amount of the Ukrainian corporate Eurobond sector to USD 5.7 bln, with issues made YTD accounting for 22% of that. We expect the corporate Eurobond spur to continue, bringing the total outstanding amount above USD 7 bln by the end of 2007.    

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