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CenterCredit buying back bonds
On May 2, Bank CenterCredit (BCC) announced repurchase of 8.625%-coupon bonds maturing in January 2014. The repurchase will take place on May 11 using a modified Dutch auction with an initial (minimum) price of 103% of face value. -----
BCC has also perpetual a 9.125%-coupon bond with a call option after March 2016. Taking into account the high coupon on this issue and BCC’s focus on reduction of its cost of funding, we see a high probability of the bank exercising the call option in four years. The current bid-ask quotes 82.27-83.00 (YTM 15.45%-15.59%) on the perpetual bond present a good investment opportunity, and we recommend investors to buy this issue.