BTA woes dominate CEEMEA but sukuk powers on
Kazakhstan’s BTA Bank is the main focus of attention in the CEEMEA debt markets this week, following its failure to pay the outstanding coupon due on January 1 on its $2bn 10.75% 2018 bonds. Its actions have fuelled fears of a second lengthy bond restructuring in just three years. BTA Bank forced creditors to write down part of $12.2bn of debt in 2009.
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