URSA Bank had bought out over $274m worth of its Eurobonds by March 1, 2009. The company started out with the process at the end of 2008, announcing that the bank was prepared to buy the bonds from four of its issues on both the pubic market and through private transactions. The first $351m-bond issue is to be retired in May 2009, the second one, with face value of 4.5 billion Hungarian forints, is to be retired in September 2009, the ?400m is to be retired in May 2010, and the last ?300m one is to be retired in November 2011.

‘We are buying out our own bonds despite the market’s current troubled state and thus prove our stable liquidity status and dependability to our investors. What is more, given the bonds’ good yield to maturity, URSA Bank manages to keep up with the good-looking net interest margin figures and improves on the capital reserves that could cover up the possible risks,’ says the bank’s First Deputy GD Vladislav Khokhlov.