Issuer Profile

First Ukrainian International Bank (FUIB) is Ukraine’s 10th largest bank with assets of $3.0bn as of end-1H14. The bank is a subsidiary of System Capital Management (SCM), Ukraine’s largest business group. FUIB is predominantly a corporate lender, with loans to companies accounting for 84% of its end-1H14 loan portfolio. The bank operates 10 regional centers and around 170 outlets throughout Ukraine.

Bond Information

Issue Volume ($m)208
Coupon Rate (% p.a.)11.00%
Coupon FrequencyQ
Maturity Date12/31/2018
Ratings: Moody's/S&P/FitchWR/-/NR
Market Price* ($)103.0
Market YTM*5.93%
Spread over UST*365

Note: *Based on bid price.

Memorandum Terms

Payment of Taxes $1m
Financial Reports A - within 120 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 $5m/60 days
External Management

Issuer Financials

Total Assets ($m)2,3181,9873,5454,3643,5324,0202,3741,5691,6391,658
Total Revenues ($m)201.0166.0203.0235.0258.0329.0366.0197.0142.0191.0
Net Income ($m)15.00(54.00)32.0034.0034.0069.00(11.00)(80.00)14.0030.00
Equity ($m)451.0376.0441.0504.0527.0696.0351.0153.0149.0174.0
NIM (%)6.826.705.745.835.496.707.806.606.007.70
Equity/Assets (%)19.4618.9012.4511.5614.9317.3114.799.759.0910.49
ROE (%)3.27(13.14)7.737.126.5811.28(2.10)(31.75)9.5218.58
ROA (%)0.67(2.52)1.140.850.861.83(0.34)(4.06)0.901.82


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