You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

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

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Latest Breaking News Donate to DU
xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 07:39 AM
Response to Original message
13. europe: Iceland Bank to Sell Eurobonds for First Time Since Crash

(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.
Printer Friendly | Permalink | Reply | Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC