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Commerzbank EM Credit Notes - TNK-BP: Is the joint-venture coming to an end?

May 31, 2012
The recent news flow suggests that both of TNK-BP’s shareholder groups are ready to discuss a possible change in the long-tarnished Anglo-Russian oil partnership. The recent developments come as no surprise given TNK-BP’s long record of shareholder disputes. However, reaching a mutual agreement that will lead to a satisfactory exit for any of the two shareholders will be very challenging. TNK-BP is an expensive asset that neither shareholder can afford to pay for and at the same time too attractive an investment to give up easily. The re-emergence of the shareholder clashes is unlikely to disturb TNK-BP’s daily operations and TNK-BP’s credit profile remains solid. The stakes are high and whether or not the shareholders ultimately reach a mutual agreement we do not believe TNK-BP’s future value will fade. The impact on the bonds has been marginal so far, in line with the general risk-off sentiment. We anticipate some volatility, more towards the longer-end of the curve and take a neutral view on TMENRU’s bonds until the shareholders’ objectives are clearly spelled out.

For more details please go to our Comments section.

Company — RN Holding
  • Full name
    Open Joint Stock Company RN Holding
  • Registration country
    Russia
  • Industry
    Oil and gas