By Reshmi Basu
New York, Sept. 22 - The State Export-Import Bank of Ukraine (Ukrexim) sold an upsized offering of $250 million in loan participation notes (Ba2/BB-) at par to yield 6.80%, according to a market source.
The issue, increased from $150 million, priced at the wide end of revised price guidance. Guidance had been revised to 6¾% to 6 7/8% from the 7% area.
The book size was $1.25 billion with 155 accounts. The United Kingdom made up 35% of the distribution, followed by Switzerland with 25%, Asia with 15%, Germany with 7%, Greece with 5% and Italy, Portugal and Austria with 3% each.
Asset managers made up 41% of the distribution, followed by banks with 26%, private banks with 22%, hedge funds with 7% and insurance and pension funds with 4%.
Credit Suisse First Boston and UBS Investment Bank were joint bookrunners for the Regulation S offering.
The notes came with an investor put if state ownership of the bank falls below 50% plus one share.
Ukrexim Bank is 100% owned by the Ukrainian state.
| Issuer: | State Export-Import Bank of Ukraine (Ukrexim)
|
| Amount: | $250 million
|
| Issue: | Loan participation notes
|
| Maturity: | Oct. 4, 2012
|
| Coupon: | 6.80%
|
| Issue price: | Par
|
| Yield: | 6.80%
|
| Spread: | 279.4 basis points more than Treasuries
|
| Pricing date: | Sept. 21
|
| Settlement date: | Oct. 4
|
| Joint bookrunners: | Credit Suisse First Boston, UBS Investment Bank
|
| Ratings: | Moody's: Ba2
|
| Fitch: BB-
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
