Banking

On July 28, Megabank and IFC signed an agreement on providing Megabank with two loans for a total sum of USD 20 mln.

Alfa-Bank Ukraine reached final agreements with bondholders of three issues (with maturity at 2009, 2010, 2011) about restructuring the debt.

Finance and Credit Bank (FICBUA) paid out a coupon payment totalling USD 5.2 mln. The bank had earlier offered a USD 100 mln Eurobond restructuring, with conditions according to which the bank would postpone the repayment of the principal for three years (to January 2013) and keep the coupon rate close to the current level, which is 10.375%.

According to NBU decision #414 from July, 21 banks will be obliged to transfer 40% of their mandatory reserves to a special account in NBU beginning on August 3. Unlike correspondent accounts, these special accounts money will not be available for banks, which NBU believes would decrease banks’ ability to speculate of the FX market and would decrease devaluation pressure.

Finance and Credit Bank intends to restructure its USD 100 mln eurobond issue maturing in January 2010. According to a press release, the bank is offering to postpone the repayment of the principal for three years and keep the coupon rate close to the current level, which is 10.375%. The bank says that, “preliminary negotiations revealed that a 10.5% coupon rate is acceptable for current owners of the bonds”.

According to the Ukrainian News agency, Bank Forum [FORM UZ, U/R] and Ukrgazbank [UGZB UZ, U/R] net losses in 1H2009 amounted to UAH 283 mln and UAH 76.4 mln respectively.

According to the Cabinet of Ministers web site, the government has increased the capital of 100% state-owned Ukreximbank by UAH 1 bln. According to Vladimir Novizkiy, Minister of Industrial Policy, the capital increase is to be used primarily for lending to aircraft construction factories. They are slated to receive about UAH 728 mln.

According to an e-mailed statement released by EBRD, the bank has approved a ten-year USD 80 mln subordinated loan to Forum Bank. No other details of the deal were provided. According to an e-mailed statement released by EBRD, the bank has approved a ten-year USD 80 mln subordinated loan to Forum Bank. No other details of the deal were provided.

Alfa Bank reached an agreement with bondholders about the restructuring of three issues totalling USD 1.045 bln and maturing in 2009, 2010, 2011. Already, 21% of the 2009 and 2011 issues and 15% of the 2010 issue have been redeemed. The remaining 800 USD mln of debt will be exchanged for new Eurobonds maturing in 2012, with a quarterly coupon and 13% as the annual coupon rate. According to Alfa Bank, 80% of bondholders agreed to the restructuring.

According to the bank’s press service, Cargill has had a court arrest the correspondent accounts of Finance and Credit Bank in American Express Bank, Citibank, The Bank of New York Mellon and Deutsche Bank Trust Company Americas. Cargill claims that Finance and Credit Bank has failed to repay Cargill USD 44.4 mln in debt, bank confirms.