Banks
VAB Bank (VAB)
VAB Bank, part of financial group VAB, ranked 28th in Ukraine by assets as of end-1Q11. TBIF Financial Services, a Netherlands-based holding company with subsidiaries in Ukraine, Russia, Bulgaria and Romania, owns a 16% stake in the bank. The remaining share are equally split among other investors, some of them affiliated with businessman Oleg Bakhmatyuk, the controlling shareholder of LSE-listed egg producer Avangard. VAB Bank is present in all regions of Ukraine with 150 sales offices as of end-2010. The bank provides a broad range of financial services, including asset management, to commercial and retail customers.
| Year | 2014 |
| Issue Volume ($m) | 113 |
| Coupon Rate (% p.a.) | 10.50% |
| Coupon Frequency | - |
| Maturity Date | 6/14/2014 |
| Ratings: Moody's/S&P/Fitch | - |
| Market Price* ($) | 60.00 |
| Market YTM* | 39.91% |
| Spread over UST* | 4,160 |
| Covenants |
|
|
| Payment of Taxes |
Adequate reserves required |
|
| Financial Reports |
A - within 120 days; S/A - within 90 days |
|
| Min. CAR |
12% |
|
| Events of Default: |
|
| Failure to pay |
5 days |
|
| Cross default |
$5m |
|
| Judgments |
$5m/60 days |
|
| Year | 2008 | 2009 | 2010 | 2011E |
| Total assets | 955.00 | 818.00 | 756.00 | - |
| Total rev | 126.00 | 67.00 | 39.00 | - |
| Net Income ($m) | (12.00) | (47.00) | (104.00) | - |
| Equity | 100.00 | 66.00 | 54.00 | - |
| Nim | 9.26 | 5.87 | 2.40 | - |
| Equity assets | 10.43 | 8.03 | 7.19 | - |
| ROE (%) | (10.76) | (56.91) | (172.60) | - |
| ROA | (1.10) | (5.31) | (13.16) | - |
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