23
Mar
16:22
Severstal coupon bond freeze threatens default
Russian vertically integrated steelmaker Severstal's test payment of the Eurobond coupon has been frozen by Citibank N.A., New York, the company says.
Made on 16 March, the test payment amounting to 1% of the total of $12.6 million, or 3.15% of the $800 million loan, has not reached the noteholders, creating the basis for a technical default. Severstal said last week in its LSE note that it had believed the paying agent may refrain from processing the payment …
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Anonymous
Very good overview of the weekly steel market.
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