BTA boldholders brace for second restructuring

03 Jan 2012

Kazakhstan’s BTA Bank has not yet paid 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.

In a cruel twist for many of the bank’s investors, the 2018s were issued as part of that restructuring process.

The bank has until January 18 before officially falling into default, though analysts spoken to by EuroWeek do not think that the coupon will be paid in that ...

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