BELARUS NEWS AND ANALYSIS

DATE:

07/12/2007

BPS Bank may place $200 mln in debut Eurobonds in 2008

MINSK. Dec. 7. (Interfax) - Belarus-based Belpromstroibank (BPS Bank) is looking into the possibility of placing $200 million in a debut Eurobonds issue in 2008, Konstantin Uzkikh, the bank's head of project financing, told Interfax on Friday.

"In the first quarter of 2008, the bank will decide on whether it will issue Eurobonds or not. The idea is still being looked into. The issue is expected to come to around $200 million," Uzkikh said.

He added that in 2007 the bank's total investment loans had grown 120%. In the first ten months of 2007 the bank raised $212 million in foreign loans while loan facilities from foreign banks increased 50%. Uzkikh said that an effective rate on foreign loans, factoring in insurance coverage and commissions, comes to 9%-11% and would hinge the position of the base rate.

In 2007, BPS Bank raised $600 million in external financing, accounting for all borrowing instruments. The bank plans to raise a similar total or more in 2008.

The bank's management has not excluded the possibility of holding an IPO in 2009-2010.

Source:

http://www.interfax.com/3/344124/news.aspx