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Ukrainian Cabinet approved the decision of Ukreximbank to place additional USD100 worth of eurobonds in 2005

January 20, 2005 | Cbonds

Ukrainian Cabinet of Ministers approved intention of the State export-import bank (Ukreximbank) to make an additional eurobond placement in amount of USD100 mln. The information was provided by the bank’s representative. “Our owner (the Cabinet) has pre-approved (the plans of additional eurobond placement in 2005)”, - he said.

Ukreximbank intends to place additional USD100 mln worth of securities with tenor of up to 5 years.

According to the rules and regulations of the bank, its supervisory board has to approve decisions on deals worth more than 10% of the bank’s authorized capital (currently 368 mln hryvnias) by agreement with the owner represented by the cabinet.

Ukreximbank intends to use the placement proceeds for credit financing of Ukrainian companies, manufacturing mostly export and import-substituting products, as well as for crediting investment projects of modernization, technical re-equipment and reconstruction of Ukrainian production companies.

In September of 2004 Ukreximbank launched 5-year eurobonds worth USD150 mln at 7.75% p.a. At the same time the bank announced its intent to make an additional placement in amount of USD100 mln later on.

Ukreximbank’s net assets amounted to 5,729.4 mln hryvnias, credit portfolio – 3,403.9 mln hryvnias, capital – 592.4 mln hryvnias, as of October 1, 2004. The bank posted a net revenue of 68.048 mln hryvnias in the period of January-September, 2004, and 30.478 mln hryvnias in 2003.

100% of the bank’s stock belongs to the State represented by the Cabinet, which controls the bank.

Based on Reuters data

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