Volga | Finance, business

Tatarstan Mortgage Agency defaults to pay $24.3m on bonds

4 Feb '10
Regional operator of the Russian Agency on Mortgage Loans Ц Republic of Tatarstan Mortgage Agency Ц has defaulted on repaying coupon and part of the first-series bonds at pay-back offer worth a total of $24.3m, Kommersant reports.

The agency reportedly failed to redeem the third $2.8m coupon and buy back $21.5m bonds.

The agency explains the technical default with the lack of funds on its accounts and promises to repay within seven days, Kommersant said.

The $33m five-year bonds were placed at MICEX in August 2008.
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