Financials
September 29, 2011
Following a meeting with the management of First Ukraine International Bank (FUIB), we continue to believe that the Eurobonds of this institution offer an attractive risk/value proposition within the current universe of Ukrainian bond issues. At its Sept 28 presentation for analysts, management laid out its principal strategy objectives and targets for the next few years, which are discussed below. The outstanding USD-denominated bonds of FUIB are scheduled to mature in 2014 and are now trading with YTM of 15%, making them a strong BUY, in our opinion.
