OREANDA-NEWS. URSA Bank is pleased to announce the full repayment of the principal and accrued interest totaling US$114.5m on the Uralvneshtorgbank’s one-year Eurobond-CLN. The principal amount of the bond was US$110 million, and the accrued interest was US$4.5 million. This obligation of Uralvneshtorgbank was inherited by URSA Bank as a result of the merger of Sibacadembank and Uralvneshtorgbank in December 2006.

The Eurobond-CLN of Uralvneshtorgbank was issued in September 2006. The demand for that issuance exceeded the supply and amounted to over US$210 million. Over 50 investors from Switzerland, the United Kingdom, Germany, Luxembourg, Hungary, Chili, the Baltic states, Russia and other countries took part in this transaction. 85% of  the issuance was  purchased by foreign investors.

According to Mr. John McNaughton, Managing Director of URSA Bank, this repayment confirms the commitment and ability of URSA Bank to fully meet its obligations regardless of market conditions. URSA Bank also demonstrated its ability to raise funds in difficult market environment by attracting a syndicated loan of US$225 million in mid-August, closing the transaction on August 16th.