News
February 04, 2010
Metallurgy: Russian Vnesheconombank buys $1 bln of IUD debt
Event: According to Kyiv-based daily Delo, Russia’s state-owned Vnesheconombank has bought approximately $1 bln of the debt of Ukrainian steelmaker IUD.
Impact: Neutral for metallurgy.
Rationale: A month ago Vnesheconombank purchased a 50%+2 share stake in IUD. The appearance of this new shareholder has significantly decreased apprehensions surrounding possible bankruptcy at IUD. At the time the deal was announced, rumored circulated as to whether Vnesheconombank had bought a portion of IUD’s $2.8 bln debt. We regard this news, which confirms the earlier rumors, as neutral for the Ukrainian steel sector.
Market Info
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09.09.2010
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