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Weekly Review of Slovene Economy from 9 through 15 June

Ljubljana, 16 June - Slovenia had completed on Wednesday a transaction under which it issued new bonds in exchange for a portion of the debt outstanding under the former Yugoslavia's New Financing Agreement (NFA). As a result of the exchange, all Slovene debtors were released of their obligations under the NFA, including its "joint and several liability". The new bonds, listed at the Luxembourg Stock Exchange, were issued in exchange for 18 percent of the debt outstanding under the NFA held by qualifying creditors. The bonds were issued in four series, two in US dollars and two in German marks, with one series in each currency based on the immatured principal under the NFA, and the other based on the matured principle and interest outstanding under the NFA. The nominal value of the USD series bonds amounts to 646.167,000 US$: series USD-1 in the value of 426.272,000 US$ and series USD-2 in the value of 219.895,000 US$. The nominal value of the DM series totals 255.488,000 DM: series DM-1 161.674,000 DM and series DM-2 93.814,000 DM. Chief negotiator for Slovenia Mojmir Mrak and Robert Gyenge of Chase Manhattan, which headed the group of creditor banks that negotiated Slovenia's exchange, were both very pleased with the transaction.

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