Companies

Banks

Ukreximbank (EXIM)

Issuer Profile

Ukreximbank is Ukraine’s third largest and fully state-owned bank with end-1H14 assets of $9.4bn (UAS). Over 98% of Ukreximbank’s loans are in the corporate sector, focusing on the largest foreign trade oriented businesses and state-owned enterprises. The bank is an experienced player on external debt markets with a long issuance track record.

Bond Information

Year202220232025
Issue Volume ($m)750125600
Coupon Rate (% p.a.)9.63%8.45%9.75%
Coupon FrequencyS/AS/AS/A
Maturity Date4/27/20222/9/20231/22/2025
Ratings: Moody's/S&P/FitchCaa2/-/B-Caa3/-/CCCaa2/-/B-
Market Price* ($)107.9100.5108.8
Market YTM*6.00%8.33%7.34%
Spread over UST*432688539

Note: *Based on bid price.

Memorandum Terms

Covenants
Payment of Taxes $1m
Financial Reports A - within 180 days; S/A - within 90 days
Min. CAR 10%
Events of Default:  
Failure to pay 5 days
Cross default $10m
Expiry of license, illegality, insolvency etc.
Judgments $10m/60 days
External Management

Issuer Financials

Year200820092010201120122013201420152016
Total Assets ($m)6,1807,0719,1899,39911,00311,6707,8345,8905,898
Total Revenues ($m)456.0457.0504.0548.0573.0559.0212.0(81.00)242.0
Net Income ($m)23.004.006.0011.0020.0025.00(947.0)(644.0)(37.00)
Equity ($m)512.01,2932,2052,2202,2342,203734.0(128.0)195.0
NIM (%)6.216.865.705.114.935.703.002.102.70
Equity/Assets (%)8.2818.2923.9923.6220.3018.889.37(2.17)3.31
ROE (%)4.580.480.920.920.901.13(64.49)(1.00)(28.00)
ROA (%)0.390.070.200.200.200.22(9.71)(9.39)(0.64)

YTM

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