Bondholders fearful of writedown as CBR takes over Bank Otkritie
Bank of Russia (CBR) has stepped in to help stricken Otkritie, in what is the first bail-out of a systemically important bank in Russia, and arguably the largest Russian bank failure in history.
CBR’s statement that there will be no moratorium on payments and no bail-in has not reassured bondholders and Otkritie’s sub debt was trading around 45 on Thursday.
Russia’s central bank stepped in on Tuesday as Otkritie’s key investor under CBR’s newly established Banking Sector Consolidation Fund (BSCF).Otkritie will be ...
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