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Electronika Bank defaults on put option

December 16, 2008 | Cbonds

Electronika Bank defaulted on a put option on Series 02 bonds. Bondholders intended to exercise the put option for RUR373,959,000 in Series 02 bonds. The issuer explained its inability to settle the obligation by lack of funds to buy back the bonds.

The issuer already defaulted on a coupon payment on this issue failing to pay RUR 16.205m for coupon 4 on December 10. The payment was not made “due to technical reasons”, according to the bank. It intends to pay the coupon on December 16.

Issue: Electronika Bank, 02

StatusDefaultCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redemption defaultYesRussia12/08/2010500,000,000 RUB-/-/-

Company: Electronika Bank

Full company nameElectronika (Joint Stock Commercial Bank)
Country of riskRussia
Country of registrationRussia
IndustryBanks

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