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Weekly Lists
February 23, 2018 www.intellinews.com I Page 30
bne:Credit
Russian Standard bank offers creditors another restructuring deal
Kazakhstan's external debt more than doubles within last decade
The owner of leading consumer loan bank Russian Standard bank (aka Russky Standart) has offered to pay its bondholders 20% of the face value of its bonds plus a share of the bank’s profits after it defaulted on the $451mn worth of bonds in November last year, Vedomosti reports.
The bank was a pioneer of the unsecured lending business, which it funded by borrowing cheaply by issuing long-term bonds on the international markets, while lending short and expensive on the domestic market. But the bank ran into trouble following the deep devaluation of the ruble at the end of 2014 and the associated economic slowdown that suffocated consumer lending, and it eventually defaulted on its debt after several restructurings.
Kazakhstan’s external debt increased to $168.9bn from $74.6bn in the past 10 years figures that run up to October last year show, the Astana Times reported on February 21, citing the Kazakh central bank’s press service.
The debt in the 10-month period rose from $163.8bn seen at the end of 2016, latest data published by the central bank, the National Bank of Kazakhstan, outline. Kazakhstan's economic decline in 2015 and 2016, driven by low world oil prices, and its economic recovery efforts in 2017 have forced the government to seek external funding to maintain its budgetary programmes.
However, most debt was driven by intercompany debts which account for 62% of total debt and amount to $105.3bn, the report said.
Turkey's Treasury has mandated Bank of China, HSBC, and ICBC to explore bond issuance opportunities on China’s Panda bond market as part of its 2018 external borrowing programme, the authority said in a statement on February 21.
Subject to regulatory approvals and market conditions, an issuance is expected to take place in 2018, the statement from the Treasury added.
On January 10, the Treasury borrowed $2bn in a dollar- denominated bond maturing in 2028 at a yield of 5.2%.
The Treasury plans to raise as much as $6.5bn of external funding in 2018 through bond issuances on international capital markets.
Turkish treasury mandates lenders to issue panda bonds