Bonds: FUIB to restructure its Eurobonds

Обзор облигаций 11.11.2014 FUIB has offered its bondholders to restructure its US$252m 11% bond due December 31, 2014. As anticipated, the bank's proposition followed Eurobond restructurings offered by other companies that belong to SCM Group. If agreed upon at the special meeting, bondholders will be able to exchange their notes for a new 4-year series which will mature in December 2018 and a 10-15% redemption. The bondholders' meeting has been scheduled on November 27. Although the Eurobond debt amounts to 9.8% of the bank's total 3Q14 liabilities, the current FX deficit in Ukraine makes significant outflows of foreign currency very unfavourable.