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Electronika Bank fails to pay coupon on 2nd bond issue

December 18, 2008 | Cbonds

A technical debt service default on a coupon on the 2nd bond issue of Electronika Bank turned into an actual default yesterday after the company failed to disburse the coupon payment within 7 days from the technical default. According to Russian norms debt service default is regarded as a default if the company can’t pay the obligation within 7 days from missing the payment date. Until then default is considered to be technical.

The bank also had a technical default on put option, failing to buy back RUR 373,959,000 in Series 02 bonds on December 15.

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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