News and events

28 january 2005
The JSC Ukreximbank first to have entered international capital markets after presidential elections in Ukraine

On January 28, 2005 the JSC Ukreximbank has additionally borrowed USD 100 million from international capital markets, the deal mandated and executed by Dresdner KW and UBS – joint book-runners of the original USD 150 million transaction in September 2004. Owing to strong market environment and anticipated demand for Ukrainian assets, the deal was very well received, reflecting favourable investors disposition towards Ukraine and the JSC Ukreximbank. USD100m increase was marketed for under 3 hours in Europe and Asia, with the orderbook immediately significantly oversubscribed. Books were also left open for US offshore investors, who have shown strong interest. A total of over USD 900m orders was taken in a few hours, securing almost 10x oversubscription. This followed in the wake of the original USD150m deal, which raised over USD1bn of demand. The tap has attracted particularly strong demand from the US and the UK, but also from Asia (despite limited marketing time in the region) and the rest of Europe, with over 100 accounts participating. Funds took an impressive 82% of the transaction, ensuring the highest quality placement, and banks and retail investors 18%. The increase rated at Ba2/BB- (Moody s/Fitch) was priced at 102.75%, with a yield of 7.04%. This was 0.71% inside the original yield of 7.75%, underscoring the strong secondary performance of the original issue.