Market Analysis

export credit agencies of seven countries supported the proposed bank Nadra (Kiev) the restructuring of its external debt, the press service of the bank.

June 15, the bank Nadra sent a proposal to restructure foreign debt in the export credit agencies of Belgium, the Czech Republic, Denmark, Germany, Italy, the Netherlands and the United States, the insurance which cover more than 25% of the external balance sheet debt on bank's trade finance. The output response, the authorized representatives of seven countries export agencies praised the long-term relationship with the bank Nadra, and Ukraine as a whole to finance trade operations, and expressed readiness to further discuss the proposals for restructuring the external debt - the report says.

As reported with reference to the interim administrator of the bank Valentin Zhukovsky, the bank Nadra intends to July 15 to negotiate with foreign creditors on restructuring the baseline. According to her, the bank's 70 foreign creditors of 20 countries. The amount involved trade bank financing of about $ 378 million In addition, the bank Nadra in the summer of 2008 placed a three-year Eurobonds for $ 175 million due in 2010.

As reported, the international rating agency Moody s Investors Service downgraded the long-term unsecured debt rating of bank Nadra in foreign currency from Caa2 to C with stable outlook, leaving unchanged the rest of the ratings on the list for review for possible downgrading . According to Vice-President of the Moscow office of Moody s Investors Service Yaroslava Sovgiry, lowering the debt rating to C reflects the expectations of Moody s, that creditors with priority claims, to whom the obligation is not secured, may face losses on the basis of terms of the restructuring proposed by the holders of bank bonds.

Bank Nadra was founded in 1993. By early April 2009 its largest shareholders were Novartik Trading Limited (60,9967%), and Manmade Enterprises Limited (both - Cyprus, 30.7406%). According to the interim administrator of the bank Valentina Zhukovsky, 51% of the shares in the bank Nadra is in pledge for loans made to the bank in 2007, amounting to some $ 60 million, the maturity of which has already occurred. In the case of loans outstanding shares should go to the property lender. The dispute between the parties is seen in the London court.

National Bank of Ukraine (NBU) on 10 February this year, put in the bank Nadra interim administration for one year. It is anticipated that the bank Nadra will participate in the recapitalization of banks with the state after the restructuring of external debt.

According to the NBU on 1 April 2009 to total assets (UAH 28.073 billion) bank Nadra took 10 th place among 182 operating banks.

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