Privatbank (PRBANK)

Issuer Profile

Privatbank is the largest bank in Ukraine with end-1Q13 assets of $21.6bn, equivalent to 12% of Ukrainian GDP, and a network of about 3,400 outlets. The bank accounted for 15% of the system’s total assets as of end-2012. The bank is among the key assets of Privat Group, one of Ukraine’s largest business conglomerates operating in the oil, metal & mining, media and financial sectors.

Bond Information

Issue Volume ($m)200175220
Coupon Rate (% p.a.)10.25%10.88%11.00%
Coupon FrequencyS/AS/AS/A
Maturity Date1/23/20182/28/20182/9/2021
Ratings: Moody's/S&P/FitchWR/-/WDWR/-/WD-/-/-
Market Price* ($)18.0018.005.00
Market YTM*---
Spread over UST*---

Note: *Based on bid price.

Memorandum Terms

Payment of Taxes $5m
Financial Reports A - within 7 months; S/A - within 75 days
Min. CAR 10%
Events of Default:  
Failure to pay 5 days
Cross default $20m
Expiry of license, illegality, insolvency etc.
Judgments $20m/60 days
External Management

Issuer Financials

Total Assets ($m)11,36611,23214,24818,16321,57224,71814,52410,7628,040
Total Revenues ($m)2,2711,5371,2021,6111,5361,6721,194643.0(443.0)
Net Income ($m)374.0163.0173.0179.0192.0164.021.0010.00(6,438)
Equity ($m)1,2771,5091,4922,0962,2902,8551,6321,145400.0
NIM (%)13.029.576.306.746.056.404.301.202.50
Equity/Assets (%)11.2313.4410.4711.5410.6111.5511.2410.644.98
ROE (%)31.8611.7011.519.978.746.360.930.72(833.2)
ROA (%)3.321.441.361.100.970.710.110.08(68.48)


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