During trading on the Moscow Exchange, Rusnano bonds fell in price by 6-22 percentage points (pp), while their yield increased by 9-23%. Nine issues of Rusnano bonds with a total volume of 71.5 billion rubles are traded on the Moscow Exchange. By 18.40 Moscow time on Monday, Rusnano’s bonds continued to trade at a price lower than Friday, Timur Nigmatullin, investment manager of Otkrytie Investments, told Vedomosti. For example, the indicative price of a bond of the BO-002P-05 series with maturity in two years fell by 15.52 pp to 79.46% of the face value, he calculated: “When a bond is traded at such values, this is already the default level”.
On November 19, it became known that Rusnano was discussing with creditors and large bondholders “possible restructuring scenarios.” The state company announced this on its website on Friday. During this meeting, “it was stated that the accumulated disproportionate debt and the current financial model of society require adjustments.” At the same time, the state-owned company said that “there is an opportunity to work out compromise options for the development of the situation, which will avoid the most negative scenarios.”
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