Ural Bank for Reconstruction and Development-Finance announces 5th coupon interest rate

Ural Bank for Reconstruction and Development-Finance (a daughter enterprise fully owned by the Ural Bank for Reconstruction and Development) announced the interest rates on coupons related to the company’s second issue of bonds. The issuer reports the 5th to the 8th coupons’ annual interest rates will come to 10.25%, or 25.55 RUR per each 1,000-ruble bond. The company intends to go for a next offer when the 8th coupon period is over.

In the meantime, it will be the Ural Bank for Reconstruction and Development, and not TRUST Investment Bank (as was originally declared) that will be buying the issuer’s bonds at face value should the bond holders wish to do so. This offer will come into force on July 5, 2007, when the 4th coupon payments have been made. (The 1st to the 4th coupons’ annual interest rates were set at 11%).

The fact that the company lowered the coupon interest rates from 11% to 10.25% a year from July 2007 to July 2008 proves that the Ural Bank for Reconstruction and Development is now doing better in terms of finances. Early this year, the bank has been rated B3 by Moody’s Investors Services and promoted to B- by Standard and Poor’s, the bank’s press officer says.


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