Otkritie to write down old-style tier twos: 'see you in court'
GlobalCapital, is part of the Delinian Group, DELINIAN (GLOBALCAPITAL) LIMITED, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 15236213
Copyright © DELINIAN (GLOBALCAPITAL) LIMITED and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement
Emerging MarketsCEE

Otkritie to write down old-style tier twos: 'see you in court'

Otkritie Capital px230

Russia’s Otkritie Bank last week announced plans to write down its outstanding tier two bonds, including an old-style $500m 10% April 2019 tier two, the contractual terms of which did not include a write-down feature. The move was an invitation to sue the private lender, said one EM portfolio manager, and GlobalCapital can reveal that Baker & McKenzie is building a case to bring against the bank.

Unlock this article.

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Request a Free Trial or Login
Gift this article