BTA Bank Bonds ‘Everyone Loves to Hate’ Slide to Record Lows
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Bonds of BTA Bank, the Kazakh lender that defaulted on its debt in 2009, slid to a record low on concern about the company’s debt and after a regulator said it lost money so far this year.
The yield on BTA’s dollar-denominated notes due in 2018 jumped 66 basis points, or 0.66 percentage point, to 14 percent today, the highest since the bond started trading in September and the biggest advance in more than a week, data compiled by Bloomberg showed. Dollar-debt maturing 2025 also plunged, pushing the yield up 62 basis points to a record 15.47 percent by 9:56 p.m. in Almaty, the Kazakh financial capital.