Pursuits
Vodka Bonds Toast Billionaire Taking CEDC Control: Poland Credit
This article is for subscribers only.
Russian billionaire Roustam Tariko’s deal to take control of Poland’s second-largest vodka maker sent the company’s bond yields tumbling this year, while Moody’s Investors Service warned of losses for some investors.
The yield on Central European Distribution Corp.’s 430 million euros ($561 million) of notes due December 2016 dropped 8.3 percentage points from the peak on Nov. 23 as the risk of default diminished, according to data compiled by Bloomberg. The yield declined 54 basis points to 24.20 percent today.