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© Reuters. Sanctioned bank Tinkoff cancels interest payment on eurobond in dollars
Moscow, March 6 (.).- The Russian digital bank Tinkoff has canceled interest payments on a dollar-denominated eurobond, after being sanctioned by the European Union (EU) in its tenth package of restrictions against Russia for its military campaign in Ukraine.
Tinkoff notified the Eurobond issuer, TCS Finance DAS, which belongs to the TCS Group, owner of the digital bank, last Friday that it will not pay the coupon that expires on the 15th, according to the Interfax agency.
It is a perpetual Eurobond of 300 million dollars issued in 2017 with a coupon of 11.002% and payment every three months.
In addition to this issue, Tinkoff has another issue of perpetual subordinated Eurobonds outstanding for 600 million dollars, placed in 2021.
The coupon is 6% and the next payment should be made on March 20.
After the EU sanctions, the digital bank, the second credit card issuer in Russia, already had to suspend foreign currency transfers to Georgia last Friday and to Turkey on Sunday, since the intermediate bank was no longer carrying out operations with Tinkoff .
The bank’s app has also been removed from the Apple store (NASDAQ:).
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