Privatbank officially defaults on its Feb.’18 bond
1 March 2017
UK SPV Credit Finance, the issuer of Privatbank (PRBANK) Eurobonds, reported on Feb. 28 that it is not going to make any payments under Eurobonds maturing in February 2018. The issuer said it has received no payments from Privatbank. The bank should have paid USD 40 mln in bond amortization due Feb. 23 to reduce the amount outstanding to USD 120 mln.
Recall, all the Eurobonds of Privatbank (USD 550 mln outstanding) were fully diluted during the bail-in implemented by the Ukrainian government on Dec. 21 as part of its financial recovery and nationalization.
