Russia's HCFB buys $80 mln worth of own LPN in Q1
MOSCOW. June 18 (Interfax) - Russia's Home Credit and Finance Bank (HCFB) bought back $80 million worth of its own loan participation notes (LPN) from the market in the first quarter of 2009, Dmitry Mosolov, the bank's acting chairman and head of its financial markets department, said during a conference call on Thursday.
"HCFB bought back a part of its own Eurobonds from the market with a nominal value of $80 million in the reporting period," he said.
Mosolov was unable to say how many LPN remain on the market, but said that, taking into account the existing U.S. dollar liquidity surplus, the bank continued to buy back its bonds in the second quarter, particularly in June. "We will disclose the amount of bonds bought back when the financial report for the half is released," he said.
The bank has made three offers for the early buyback of three ruble-denominated bond issues since March, he said.
HCFB placed 5 billion rubles worth five-year sixth-series bonds this week with a coupon rate of 15.25%.
The bank still has 13 billion rubles worth of second through fifth-series bonds outstanding as well as $1.45 billion in three Eurobond issues due in 2010-2011 and 11.5 billion rubles in ruble-denominated securitization.
Home Credit and Finance Bank was Russia's 35th largest bank by assets in the first quarter of 2009, according to the Interfax-100 ranking of the country's biggest lending institutions, compiled by the Interfax Center for Economic Analysis.