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Danish pension funds bought Ematum bonds
8:56 CAT | 23 Feb 2016
Four Danish pension funds hold $8 mn in Ematum bonds, the Danish daily Information revealed (20 Feb). The four funds are Unipension, PensionDanmark, Industriens Pension and Nordea Liv & Pension.
Meanwhile the price of Ematum bonds has fallen to its lowest level. Yields (effectively the inverse of price) have risen from 7% a year ago to 13.5% earlier this month as investors await details of a restructuring proposal from the government. (Bloomberg 9 Feb) Samantha Singh of Standard Bank Group said in an emailed note to clients that the rise in yields also reflects “some nervousness” before the next interest payment, due from Ematum on 11 March.
On Wednesday (17 February) Finance Minister Adriano Maleiane told parliament that rescheduling negotiations were still under way, and that the debt was guaranteed by the state and the March payment would be made.
Source: The Hanlon Report
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nice article