UFC Capital Released Daily Market View
OREANDA-NEWS. April 4, 2011. Pravex Bank issues ‘E’ and ‘F’ series 2Y bonds, totaling UAH 500 mln – per the Supervisory board decision on March 29, 2011. The bonds par value is UAH 1 thnd. The ‘E’ series will have a face value of UAH 200 mln and a placement period between May 25, 2011 and May 24, 2012; the ‘F’ series will have a face value of UAH 300 mln and a placement period from August 28, 2011 to August 24, 2012. The bank set the coupon rates for both series at 12.5% per annum for all coupon periods.
The redemption date for the ‘E’ series bonds is May 22, 2013, and for the ‘F’ series is August 21, 2013.
Bank representatives stated that the purpose of the issue if to raise funds for new loans and increase the bank's loan portfolio.
Ferrexpo successfully places five-year Eurobonds at a face value of USD 500 mln and YTM of 7.875%. As we had anticipated, the new issue was in great demand, which allowed the company to place the bonds at an advantageous rate (only 40-50 b.p. higher than the extrapolated curve yield for the top quality issue on Ukrainian Eurobond market – Metinvest).
The redemption date was set to April 7, 2016.
April 7, 2011 is expected date for the bonds' listing on the London Stock Exchange.
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