Raiffeisen Bank Aval To Place USD 79.2 mln In Local Bonds In 2007

Raiffeisen Bank Aval (BAVL: BUY) has announced plans to place USD 79.2 mln in local bonds on January 22, 2007. The bank will issue five-year USD 49.5 mln B-series bonds with a 13.5% coupon and three-year USD 29.7 C-series bonds with an annual coupon of 13%. Moody’s has assigned its Baa1/Aaa.ua rating to the issue. The bank plans to use the proceeds from the sale to support its rapidly growing loan portfolio.  Oleksandr Klymchuk: Raiffeisen Bank Aval is the second Ukrainian issuer to receive an investment grade rating on a global rating scale and offers a more attractive yield on its securities (+300 bps) than the other investment grade issuer, Calyon Bank Ukraine.