Croatia
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The Croatian government has followed up on its new law, designed to handle Agrokor’s debt crisis, by appointing an “emergency management commissioner” and overriding plans for the restructuring drawn up by creditors. -
Croatia’s parliament passed an emergency law on Thursday to deal with the default crisis at Agrokor, the sprawling food and agriculture group that is the country's largest private company.
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Even as South Africa and Halkbank prove that idiosyncratic risks are ever present in in emerging market bonds, conditions remain beyond syndicate bankers wildest dreams. That is good news for the bulging pipeline.
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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.
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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.
