15 June 2010
A required supermajority of 75% of Nadra Bank’s bondholders accepted a restructuring offer, according to Interfax. Mykyta Mykhaylychenko: Effectively, the offer implies 47.1% haircut, 7-year prolongation, 8% annual coupon and sinkability provision. Currently, the bonds are traded at 35.5% of par, implying ~23.3% YTM for new restructured papers.