March 13, 2018 | Cbonds
|Metinvest has announced its intent ion to direct $6.5mln towards early payment of eurobond interest. The action is permitted by Condition 6(b) of the relevant trust deed. The disbursement will occur on March 18 and will fully cover the PIYC portion accrued from February 18. |
Our view: Taking into account that the above funds would be paid anyway (or accrued in the worst case) at the next coupon date (May 18), we find the disbursement to mostly be a demonstration of “good faith”.
Metinvest’s approach is understandable, considering that the company is currently going through a refinancing of the eurobond.
|Status||Country of risk||Redemption (offer)||Volume||Issue Rating (M/S&P/F)|
|Full company name||Metinvest B.V.|
|Country of risk||Ukraine|
|Country of registration||Netherlands|