A top Russian lender canceled nearly $6 billion in accrued interest on a perpetual bond as companies struggle to meet debt obligations
- Russian lender Sovcombank PJSC canceled $5.81 million of interest accrued on one of its perpetual bonds.
- The rights and claims of bondholders over the canceled interest "shall become null and void," it said in a Monday regulatory filing.
Russian lender Sovcombank PJSC canceled $5.81 million of interest accrued on one of its perpetual bonds, the first firm to make such a move as
The rights and claims of bondholders over the canceled interest "shall become null and void," it said in a Monday regulatory filing.
Sovcombank's move with its perpetual
The West's wartime sanctions have made it difficult for Russian companies to meet debt obligations, and many firms have had to pay in rubles, or have payments pending.
Sovcombank, Bloomberg reported, is the first borrower so far to cancel payments. Its perpetual notes, however, include a feature which allows the borrower to cancel some or all of the accrued interest before a coupon date arrives.
Other moves meant to stave off economic turmoil include strict capital controls that have bolstered the
The bond market in particular has taken a hit, the broker told Insider, and bargain hunters have flocked in hoping to profit from a rebound.
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