No surprise as BTA Bank misses coupon payment
Kazakhstan’s BTA Bank was on Wednesday carried further along the path to a second restructuring in as many years when the grace period for its $165m coupon payment on its senior $2bn 2018s expired. The 2018s were part of a restructuring package agreed in 2010.
The default on the coupon has been expected since the bank published an open letter calling for the agreement to a restructuring of those notes in late December.
Ironically, on January 18, the bond price bounced by a point and a half.
"One investor had chosen the day before
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