Politics 2021-04-15T07:18:57+03:00
Ukrainian news
PrivatBank Converts Eurobond Into Capital

PrivatBank Converts Eurobond Into Capital

eurobonds, PrivatBank, capital, Eurobond, convert

 

PrivatBank has converted its Eurobond into capital.

Bank’s Chairman of the Board Oleksandr Shlapak said this during a press briefing on Thursday, Ukrainian News Agency reports.

“This was the NBU’s decision. I hope we’ll come to an understanding with the holders,” he said.

PrivatBank has Notes of three series: USD 200 million and USD 175 million due in 2018, and USD 220 million due in 2021.

The Bail-in mechanism, used for the financial recovery of problem banks, supposes either conversion of deposits into shares in the financial institution, or into a special subordinated debt to replenish the capital.

As Ukrainian News Agency earlier reported, the Ministry of Finance on December 21 acquired ownership of 100% of shares in PrivatBank.

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