Russia's Ursa Bank buys back more than $100 million eurobonds

By Jennifer Chiou

New York, Oct. 31 - Ursa Bank announced the repurchase of more than $100 million of its eurobonds due 2009.

The bank said that the buyback programs were to demonstrate its liquidity position and to offer comfort to Ursa Bank bondholders by reducing their market risk.

Ursa Bank first deputy chief executive officer Vladislav Khokhlov added in a news release that by repurchasing its own bonds in the current market conditions, Ursa not only proves its solid liquidity position and high reliability for investors, but, thanks to the high yield of the repurchased bonds, also improves its net profit margin and business profitability to the above the sector average.

Ursa Bank, formerly known as Sibacadembank, is a leading regional bank in Russia.

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