F&C 2010 Eurobond restructuring details announced

Finance & Credit Bank announced proposed terms for restructuring its 2010 Eurobond issue on its website yesterday. The bank said the new bonds would mature in 2012 and have a coupon of 10.5%. Daily Kommersant reported today that the restructuring offer does not envision the partial repayment of debt. Andrii Parkhomenko: We think that the offer is too favorable for the bank. In our view, the final version of the restructuring agreement could include a higher coupon rate and a requirement to partially repay the previous bonds.