RZB has been mandated by UkrSibbank to arrange a US$15mn syndicated trade-related finance facility on its behalf.
The transaction has been launched into senior syndication. The tenor is 364 days. The funds will be used to finance specific trade finance facilities for UkrSibbank’s clients. The loan carries an interest margin of 3.95% p.a. over Libor.
In senior syndication, lenders will be offered participations of US$3mn and US$4mn.
UkrSibbank is rated B2 by Moody’s Investors Service and B- by Fitch Ratings.
According to the National Bank of Ukraine, as of July 1, 2004, UkrSibbank was the sixth largest bank in Ukraine by total assets, fourth by shareholders “equity, fourth by loan portfolio and seventh by customer accounts.
UkrSibbank has more than 28,000 corporate clients in Ukraine, and has considerably increased its retail banking operations in the past few years.
UkrSibbank is the leading investment bank, having acted as lead manager or as a co-manager in 17 domestic bond offerings of major Ukrainian companies, such as CJSC Kyivstar GSM, the state international airport Borispil, a subsidiary of the national gas transport company National JSC Naftogas Ukrainy Ukrtransgas, and two municipal domestic bond offerings of City of Kiev and City of Zaporyzhya.
In April 2004 UkrSibbank successfully placed Eurobonds with par value of US$100mn. The bonds carry a coupon rate of 10.5% per year and mature in 2007. The issue was rated B1 by Moody’s at Ukraine’s sovereign ceiling.
Ukraine’s sovereign foreign currency long-term deposit rating was upgraded by Fitch to B+ on June 17, 2004 and by Moody’s to B1 on 10 November 2003. These ratings reflect a substantial pickup in economic growth, steady macroeconomic policies, manageable level of debt, as well as improvement in consumption, investments and exports.