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Success is the sum of small efforts, repeated day in and day out
Robert Collier
At a Glance: the JSC Ukreximbank 2004 Performance
Debut Ratings Assignment
Year 2004 witnessed successful start-up of the Bank's rating history. In order to ensure transparency of overall activities and to sustain credibility among financial institutions world-wide, the JSC Ukreximbank launched co-operation with Moody s Investors Services and Fitch Ratings, which has resulted in debut assignment of the highest possible B2/B+ long-term ratings respectively, both abreast of the country ceiling. In January 2005 Fitch Ratings had upgraded long-term rating for the JSC Ukreximbank to BB-, again to the top of country ceiling.
Debut Eurobond Issue
On 23 September 2004 the JSC Ukreximbank issued USD150m five year fixed rate loan participation notes. UBS Limited and Dresdner Kleinwort Wasserstein were the lead-managers of the issue. The tightest pricing of 7.75% has been the lowest yield ever for any Ukrainian non-sovereign issuer. The Ba2 and B+ ratings assigned by Moody's and Fitch respectively were the highest ratings assigned to any Ukrainian issuer. Furthermore, the Moody’s rating exceeded Ukraine's previous B1 foreign currency sovereign ceiling for bonds.
In February 2005 the Bank was the first Ukrainian issuer who entered international capital markets after presidential elections. Due to strong market environment and anticipated demand for Ukrainian assets the USD100m tap rated Ba2/BB- (Moody’s/Fitch) was priced at 102.75%, with a yield of 7.04%.
In February 2005 the Bank also borrowed USD 40m on the terms of subordinated debt rated Ba2 and B by Moody’s and Fitch respectively. This was the first Ukrainian borrowing of subordinated debt in the international markets and the first Ukrainian subordinate listed at the stock exchange.
Increase in Statutory Capital
In 2004 the JSC Ukreximbank further increased its statutory capital by UAH 80 million to UAH 368 million (in accordance with national accounting standards) compliant to the Law "On Amendments to the Law of Ukraine "On 2004 State Budget of Ukraine" introduced by the Government (Cabinet of Ministers) and adopted by the Parliament (Verkhovna Rada) in June 2004 and under the Resolution of the Cabinet of Ministers No.1105 of August 25, 2004.
EDP Accomplishment
In June 2004 the JSC Ukreximbank and the World Bank accomplished implementation of the Export Development Project (EDP) launched in 1997. The EDP was recognised as one of the most successful IBRD projects in Ukraine.
Syndication Repayment
In November 2004, despite turbulent pre election environment, the JSC Ukreximbank had in due course fully met matured commitments under the Foreign Syndicated Loan Agreement in the amount of USD 30 million. The Agreement was signed in November 2003 with the ING Bank N.V., Amsterdam, as the Arranger of the Facility, for the tenor of one year.
NBU Reward
The Board of the National Bank of Ukraine (NBU) awarded the team of the JSC Ukreximbank with the NBU s Certificate of Honour for significant contribution to the development of banking industry, as well as for productive performance and professionalism, which facilitated the Bank s successful debut eurobond issue.
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Annual Report 2004 (491 Êá)
Print version