OREANDA-NEWS. October 26, 2010. Joint Stock Company The State Export-Import Bank of Ukraine (JSC Ukreximbank) successfully finalized USD 250 million tap of the original USD 500 million Eurobond 2015 placed in Apr2010, reported the press-centre of Ukreximbank.

The tap issue, lead-managed by Credit Suisse Securities (Europe) Limited, was executed within a single day to raise the planned USD 250 million from the book for around USD 550 million, 70% provided by highly-reputable European funds. The pricing, ended in several hours after the announcement, was most favorable, and the yield notably tightened to 7.5% compared to the original issue’s 8.375%. The transaction parameters witnessed the improving real money investor interest in Ukraine debt, and in JSC Ukreximbank bonds in particular.

The tap issue was rated by Fitch with a Long-term rating of 'B' and a Recovery Rating of 'RR4'. Moody's Investors Service assigned a rating of B1 with Stable outlook to the senior unsecured loan participation notes of Ukreximbank.

Neil Slee, Director of Debt Syndicate at Credit Suisse, comments on Ukreximbank USD 250 million tap of the USD 500 million Eurobonds.

Euroweek, issue 1176.
"We went to the market knowing that there had been continuous interest in Ukreximbank paper, and priced the deal with almost no new issue premium and significantly tighter than the original transaction in April. In addition, the tap came over 50bps tighter versus the sovereign when compared with the original deal."

"Ukreximbank were pioneers in re-opening the capital markets for Ukraine back in April, and now they’ve returned with the first single day execution for a Ukrainian issuer since the market was re-opened. This demonstrates both the continuing appetite for Ukrainian assets and how well regarded Ukreximbank is as the leading quasi-sovereign issuer in Ukraine."

Full article available at www.euroweek.com