November 29, 2017 / 7:20 AM / 17 days ago

Russian Standard Ltd defaults on Eurobond secured by bank's stake

MOSCOW, Nov 29 (Reuters) - Russian Standard Ltd, a company linked to Rustam Tariko who owns the Russian Standard bank, has defaulted on its Eurobond due on Oct. 27, 2022, the Russian National Settlement Depository said in a statement on Wednesday.

The company failed to pay a coupon on Oct 27, 2017. “Detailed information regarding this corporate action event will be provided to holders who have balances of these securities on their safekeeping accounts with NSD,” the depository said.

The Eurobond was secured by a 49 percent stake in the Russian Standard bank. (Reporting by Elena Orekhova; writing by Katya Golubkova; editing by Dmitry Solovyov)

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