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Concorde Capital Research: Oschadbank pays USD 420 mln amortization on its 2023 Eurobond

March 07, 2019 | Cbonds

Ukraine’s State Savings Bank (Oschadbank, OSCHAD) reported on March 7 it has paid USD 420 mln in amortization on its USD 700 mln Eurobond with final maturity in 2023. Commenting on the transaction, the bank’s CEO said the timely payment of a significant amount to creditors is evidence of the bank’s strong liquidity and operating stability.

Recall, Oschadbank issued two Eurobonds for USD 700 mln (due in 2023) and USD 500 mln (due in 2025) with gradual amortization of the bonds starting from 2019-2020 based on a debt restructuring agreement reached in August 2015. Its conditions call for the USD 700 mln bond to amortize by 60% in March 2019, and then by 5% semi-annually by March 2023. In addition to the USD 420 mln amortization payment, the bank is scheduled to pay a USD 32.8 mln coupon on March 11.

Alexander Paraschiy: This is an expected event, as we had no doubt the bank will be able to make the payment. This year will be very intensive for Oschadbank in making Eurobond payments with USD 549 mln in total coupons and amortization. We see no problems for the bank to make all these payments on time, keeping our positive outlook on all OSCHAD Eurobonds.

Other large quasi-sovereign payment scheduled for March is Ukrainian Railway’s (RAILUA) paying USD 175 mln in amortization and coupons on its Eurobond, due next week. We expect no problems with that also. In late April, another state bank, Ukreximbank (EXIMUA), will pay its portion of coupons and amortization amounting to USD 411 mln on a Eurobond maturing in 2022. Again, we see no problem for the bank doing that on time.

Issue: Oschadbank, 8.25% 10mar2023, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingUkraine03/10/2023245,000,000 USDCaa1/-/B

Company: Oschadbank

Full company nameJoint Stock Company "State Savings Bank of Ukraine"
Country of riskUkraine
Country of registrationUkraine


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