Tatarstan Mortgage Agency defaults to pay $24.3m on bonds
Regional operator of the Russian Agency on Mortgage Loans – Republic of Tatarstan Mortgage Agency – 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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