Russian funds play vultures with Croatia's distressed debt
Priced out of their own bond market by investors fleeing sub-zero yields in Europe, local banks and wealthy Russians are seeking out higher returns from the distressed bonds of Agrokor d.d., Croatia’s biggest company.
Trading at about a third of their face value, the company’s euro-denominated notes are an “interesting” proposition for speculators, according to Maxim Kuvshinov, the head of Derzhava Bank’s debt instruments department in Moscow. Evgeny Pundrovskiy, who helps oversee $430 million of assets at Moscow-based UFG Wealth Management Ltd. is betting their price will double.
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