Templeton Said to Reject City of Kiev Bond Restructuring
- London-based branch of fund manager said to hold 32% of bond
- New terms accepted by most other holders of Kiev's debt
This article is for subscribers only.
Franklin Templeton Investment Management Ltd. rejected terms put forward by the City of Kiev to restructure a $250 million bond, according to a person familiar with the talks, making it one of the only holdouts in Ukraine’s $23 billion debt restructuring.
The London-based branch of the U.S. money manager holds about 32 percent of the City of Kiev security that matured last month, the person said, asking not to be named because the talks are private. The restructuring terms, which included a principal writedown and maturity extension, were approved by 57 percent of bondholders on Dec. 8.