Page 30 - bne_newspaper_February_09_2018

Weekly Lists
February 9, 2018 www.intellinews.com I Page 30
bne:Credit Iran to issue first
foreign currency bonds
The Central Bank of Iran (CBI) has announced a plan to issue foreign currency-denominated bonds for the first time in the history of the Islamic Republic.
CBI governor Valiollah Seif reportedly said the national lender hopes to tap into the market for forex trading, something which has become a popular pastime in Tehran in recent months, with the Iranian rial having plunged against the dollar and other hard currencies.
The central bank aims to launch the forex bonds before the start of the Persian New Year (March 21). Traditionally in the period leading up to the new year, Iranians stock up on forex in line with festive travel plans and with an eye to hoarding hard currency in anticipation of future needs and gains.
Bondholders of Russky Standart (Russian Standard Bank) have consolidated the 25% of the defaulted bond issue necessary to
lay claim to the collateral, which is 49% of the capital of the bank controlled by Rustam Tariko, Vedomosti daily reported on February 8, citing unnamed sources.
“The first step is to accelerate the notes, the second step is to start court proceedings in Russia to enforce the pledged shares,” a member of the creditor group, speaking on condition of anonymity, told Reuters. The ad-hoc group consists of five
parties from the United Kingdom, Russia, the United States and Switzerland, holding altogether 27.5% of the issue - above the 25% threshold needed to take such action, the source said. Among the holders of the bonds are such funds as Pioneer Investments and Ashmore Investment.
In November 2017 Russian Standard defaulted on $451mn worth of Eurobonds, one month after the technical default of October 30, when the bank did not pay the due coupon and confirmed the fears of bondholders that have since received no explanations.
Russky Standart bondholders eye Tariko stake
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