Oschadbank (OSCHAD)

Issuer Profile

Oschadbank, Ukraine’s state-owned successor to Soviet Sberbank, ranked second by assets ($10bn or 8.9% market share) and retail deposits (7.8% of total) as of end-1H14. The bank acts as the state’s lending agent, serving various state-owned companies as well as pension, energy and construction sector projects. Over 95% of Oschadbank’s loans are corporate. The bank operates 5,800 outlets, the largest network in Ukraine.

Bond Information

Issue Volume ($m)700500
Coupon Rate (% p.a.)9.38%9.63%
Coupon FrequencyS/AS/A
Maturity Date3/10/20233/20/2025
Ratings: Moody's/S&P/FitchCaa2/-/B-Caa2/-/B-
Market Price* ($)102.5102.5
Market YTM*7.71%8.68%
Spread over UST*514593

Note: *Based on bid price.

Memorandum Terms

Payment of Taxes $1m
Financial Reports A - within 180 days; S/A - within 120 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 ($m)7,1877,4389,20910,75912,7247,8836,6297,7718,345
Total Revenues ($m)633.0681.0736.0720.0857.0319.0354.0320.0342.0
Net Income ($m)13.0058.0067.0071.0089.00(843.0)(562.0)18.0021.00
Equity ($m)1,9212,0952,2122,2672,4031,220306.0579.01,119
NIM (%)7.637.846.946.376.505.204.503.502.70
Equity/Assets (%)26.7328.1724.0221.0718.8915.484.627.4513.41
ROE (%)0.692.883.093.163.81(46.54)(73.66)4.112.47
ROA (%)0.180.790.800.710.76(8.18)(7.75)0.250.26


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