Nadra Bank receives UAH 1.5bn in refinancing from NBU

Nadra Bank, Ukraine's 7th-largest bank with UAH 23.7bn ($4.8bn) of assets as of
end-1H08, has received a UAH 1.5bn ($307m) one-year refinancing facility from the
NBU at an interest rate of 12% p.a., a local business daily reported today.
(Kommersant)
Nadra will reportedly use the money to repay a $130m syndicated loan due in
November after failing to refinance it. Separately, Nadra has announced it started to
redeem its $100m Eurobond maturing on Nov. 7. NBU Council head Petro
Poroshenko said earlier this week the central bank was ready to facilitate
redemptions of external debt by local banks, adding there were one or two banks
that might face temporary difficulties refinancing their external liabilities. The NBU's
refinancing should be sufficient for Nadra to maintain solvency and the bank is
unlikely to require additional refinancing. However, in view of Nadra's temporary
liquidity problems, we put our recommendation on the stock under review.