Only for the second time in the history of Ukrainian issuers, JSC Ukreximbank turned to international capital markets to secure a long-term financing in the national currency in the form of a public offering. The first and only transaction of this sort was also performed by JSC Ukreximbank in 2011, UNIAN reports.
“JSC Ukreximbank assigned Citigroup Global Markets Limited and J.P. Morgan Securities PLC as the joint lead manager and placed the Eurobonds nominated in hryvnia worth over $150 million at an interest rate fixed at 16.5% payable semi-annually and coming to maturity in March 2021. This public offering has ultimately provided foreign investors with an opportunity to gain direct exposure to the Ukrainian currency and interest rates,” the bank said on its website.
According to the message, the transaction benefitted from a strong demand from multiple international institutional investors from Germany, Switzerland, the United Kingdom and other European states, as well as “offshore” territories. The international rating agency Fitch Ratings has confirmed hryvnia-denominated senior unsecured Eurobond issue a long-term rating of “B- (emr)” and a recovery rating of “RR4”.