KIEV, Nov. 23 – The international syndicated credit and eurobond market is closed for Ukrainian corporations and it will be closed at least until early 2012, according to PrivatBank Chairman Oleksandr Dubilet.

"It's difficult to work on the eurobond market now. I believe that it is closed and will be closed until the next window. I don't know when the window will appear next. We were told that it would open in autumn, while in autumn they said that it was likely that it would open in early 2012," the banker said at the Ukrainian Banking Forum organized by Adam Smith Institute.

He said that credit rates on the foreign market reached the gate-type level: in 2009-2010 there were periods when the cost of risk for Ukrainian commercial borrowers fell to 7-8%, while now the cost of Ukraine's sovereign risk reached 9-9.5%.