VAB Bank defaults on its first post-restructure coupon payment

VAB Bank defaults on its first post-restructure coupon payment



2 жовтня 2014 года
ICU

VAB Bank has defaulted on its first coupon payment for its 2019 Eurobond, the first bond issued since it was restructured in June 2014. The bank blames the regulatory restriction on FX-operations and the deteriorating Ukrainian banking system that prevented it from being able to fulfil the US$2m payment due in September. While this amount is immaterial in relation the bank's size (total assets of US$1.8bn) and its high cash-to-liabilities ratio of 10, a significant amount of cash might have been restricted in the form of guarantee deposits or similar withholdings. VAB bank has received UAH800m of capital inflow from its shareholders during 2014.

Источник: ICU

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