Croatia
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Sberbank has shed some light on Agrokor’s dire debt situation saying that the company’s creditors have come to a standstill agreement. -
Croatian retailer Agrokor’s debt hit distressed territory this week after rumours of hidden debt and a Moody’s downgrade spooked the buy-side. Clarity is unlikely until a forensic audit of the issuer is completed, say experts.
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Holders of Croatian retailer Agrokor's Eurobonds will be required to take a haircut on their positions, unless there is a buyout of the struggling firm, said Exotix Partners this week.
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Poland played a smart hand on Thursday to lock in €1.5bn of funding in the midst of a healthy risk-on market, but with risk events on the horizon, Poland’s deputy finance minister told GlobalCapital he was happy to be on the “safe side”.
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Scarcity value helped boost demand for Croatia’s first euro bond for more than two years on Monday, allowing the Balkan sovereign to price a new 10 year inside its existing curve.
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Croatia’s revived euro benchmark had received orders of €2.75bn and seen its order books shut by lunchtime Monday with the country having enjoyed a ratings agency boost on Friday to defy any fears of being overshadowed by Kuwait’s sovereign deal, which was also in the market.
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The Republic of Croatia has picked four banks to revive a euro benchmark deal it was forced to delay last year after anti-government protests in Zagreb in the early summer.
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Moody’s has downgraded its outlook for B3/B rated Croatian food retailer and manufacturer Agrokor to negative from stable as the company’s credit quality comes under siege.
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Agrokor, a Croatian retail, food and agriculture company, has enough funding to repay debt maturities this year despite a recently pulled loan syndication, according to Moody’s, but cash flow is low and addressing next year’s PIK notes will be critical to its rating.
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Agrokor, a Croatian retail, food and agriculture company, has abandoned its syndication of a three year term loan complaining of unfavourable terms.
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Croatian food and drinks maker Agrokor has refinanced €340m of loans from VTB Bank, marking the end of a €840m loan refinancing programme.
