Alfa-Bank announced an agreement with investors to restructure their debts in three Eurobond issue - 2009, 2010 and 2011 years - totaling $ 1.045 billion According to the Director of Alliance and the Treasury and Capital Markets Alfa-Bank Andrei Bobysheva, partial repayment of the bonds in 2010 was 15%, while 2009 and 2011 years - 21%.

remaining debt (about $ 800 million) the bank will exchange the new Eurobonds due in 2012, which will be released July 30, formed through the Ukraine Issuance plc. Expected that the Alfa-bank will repay them in equal parts, beginning with the second year of treatment. Yield was 13%, the coupon will be paid quarterly.

The announcement was made after a meeting last Thursday, the holders of three-year Eurobonds maturing in 2011 amounting to $ 250 million and the rate of 12% per annum has decided to change them more expensive. At the same circumstances, the bank was able to negotiate with 80% of the holders of the remaining two issues of Eurobonds - due in 2009 amounting to $ 345 million (yield 9.75%) and due in 2010 amounting to $ 450 million (9.25%).

We have agreed with all of the holders of 13%. Awards creditors, we will not do, - chairman of the board of Alfa Bank Andrei Volkov.

experts believe a successful restructuring. The fact that the exchange took place, said on favorable terms for all parties, which immediately affected the increase in value of securities on the secondary market, - said the head of the board of directors of AMC The Investment Capital Ukraine Valeriy Gontareva .- Although the mechanism for the bank expensive, it could improve their liquidity. According to her, almost all Ukrainian corporate issuers are negotiating to restructure its Eurobonds, so conditions Alfa Bank could become a landmark for them.

This year, repaid Alfa Bank, Ukreximbank and Forum . In the I quarter of 2010 will be difficult repay Bank and FUIB. This rate debt can become a benchmark for all, - said analyst IR Socrates Mikhail Salnikov .- Previously, when the Ukrainian market has high liquidity, the rates were 9-10%. But now the ratings of Ukraine and the individual companies fell, while liquidity has decreased, so the stakes will be higher.

Elena Gubar

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