Tinkoff Bank canceled the March payment on perpetual Eurobonds in dollars
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On March 3, TCS Finance DAC, the issuer of Eurobonds of Tinkoff Bank, received a notice of cancellation of interest on the perpetual issue of dollar Eurobonds. The payment was due March 15th.
“On March 3, 2023, I received a notification from the borrower about the cancellation of interest under the subordinated loan agreement, the borrower notified the issuer that he canceled the payment of interest accrued on the loan, which would otherwise have been paid on March 15, 2023,” the issuer reports.
We are talking about the issue of perpetual Eurobonds, which the bank placed in 2017. The current coupon rate on it is 11.002%, payments are made every three months. Until now, Tinkoff-Bank has not announced any problems with making payments on Eurobonds.
“In the current circumstances, we have decided to cancel one payment in order to carry out additional work to take into account the interests of all investors, including those located outside Russia,” “Interfax” in the press service of Tinkoff Bank. The possibility of canceling the coupon payment by the issuer is provided by the documentation, the bank noted.
February 25 Tinkoff Bank hit under EU sanctions, after suspended currency transfers to Georgia, as well as money transfers to Turkey.
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