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Reply #13: europe: Iceland Bank to Sell Eurobonds for First Time Since Crash [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 07:39 AM
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13. europe: Iceland Bank to Sell Eurobonds for First Time Since Crash
http://sfgate.ldc.bloomberg.wallst.com/SFChronicle/Stor...

(Updates with Kaupthing creditors report in 10th paragraph.)

Dec. 5 (Bloomberg) -- Arion Bank hf, the state-created successor of failed Kaupthing Bank hf, is planning its first international bond sale just three years after the islands biggest lenders defaulted on $85 billion.

The bank, based in Reykjavik, wants to fund itself via debt markets outside Icelands borders within the next 12 months, said Hoskuldur H. Olafsson, Arions chief executive officer.

The outlook for tapping into the international debt markets is positive, Olafsson said in an interview. Weve focused on maintaining the relationship we have with investors and on organizing the bank as a credible institution. Weve made good progress and we believe that we might take steps in that direction sooner rather than later.

Kaupthing, which was Icelands biggest bank before it failed in October 2008, is still trying to repay about $25 billion in creditor claims. The governments decision three years ago to take control of Icelands domestic banking system and leave international creditors in the lurch protected the state from obligations that dwarfed the $12 billion economy.
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