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Ukrsotsbank Puts Off USD 250 mln Eurobond Issue Until February

Ukrsotsbank Puts Off USD 250 mln Eurobond Issue Until February

10 November 2008

Ukrsotsbank (USCB: BUY) announced yesterday that it was putting off its USD 250 Eurobond issue, planned for November 2006, until February of next year.  In October USCB announced plans to raise over USD 1.5 bln on foreign markets in 2007 (about USD 2 mln more than Ukraine’s entire banking sector in 2005) through the placement of Eurobonds, syndicated credit and a private placement. The bank was also recently placed into the basket of the largest and most liquid stocks on the PFTS. Alexander Viktorov: The postponement of the Eurobond issue will not have an affect on the bank’s performance this year thus we leave our target (USD 0.45) and recommendation unchanged. In 9M the bank increased its assets by 32% ytd and its loan portfolio expansion was 23%. USCB’s net income also surged 222% yoy.  The bank funded its lending growth with a 50% increase in its share capital by finally registering a five-fold charter fund increase along with a 70% increase in interbank borrowings. However, with loan growth racing two times faster than the growth of the bank’s deposit base and asset maturities becoming longer, USCB will have to make another share capital increase and push through with its Eurobond issue in 2007.

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