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

Issue Volume ($m)150750125600
Coupon Rate (% p.a.)16.50%9.63%9.00%9.75%
Coupon FrequencyS/AS/AS/AS/A
Maturity Date3/2/20214/27/20222/9/20231/22/2025
Ratings: Moody's/S&P/Fitch-/-/B-emrCaa2/-/B-Caa3/-/CCCCaa2/-/B-
Market Price* ($)97.50102.897.00102.9
Market YTM*18.41%7.92%10.82%8.82%
Spread over UST*356535779589

Note: *Based on bid price.

Memorandum Terms

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

Total Assets ($m)6,1807,0719,1899,39911,00311,6707,8345,8905,8986,077
Total Revenues ($m)456.0457.0504.0548.0573.0559.0212.0(81.00)242.0153.0
Net Income ($m)
Equity ($m)512.01,2932,2052,2202,2342,203734.0(128.0)195.0500.0
NIM (%)6.216.865.705.114.935.703.002.102.702.70
Equity/Assets (%)8.2818.2923.9923.6220.3018.889.37(2.17)3.318.23
ROE (%)4.580.480.920.920.901.13(64.49)(1.00)(1.00)14.95
ROA (%)0.390.


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