TMM, TMM Real Estate Development’s (TR61 GR: BUY) Ukrainian subsidiary, announced on Friday it paid the interest on the fourth coupon of its one-year UAH 180.6 mln (USD 35.8 mln) local bond placed at 13% per annum. The interest amounted toUAH 5,853,246 (USD ~1.2 mln). The company raised the interest rate to 16.5% p.a. for the fifth to eighth coupon periods. According to the annual offer, 600 bonds in the amount of UAH 600,000 (USD ~0.12 mln) were redeemed. Alexander Romanov: This local bond issues included a put option due this October. The higher interest rate on forthcoming coupons is the result of TMM’s negotiations with bondholders to cancel the option. Despite the increased interest rate, we view this news as positive for the company given the tight conditions on credit markets.