Russian Energy Firm Lukoil Wants to Know Who Its Bondholders Are
(Bloomberg) -- Russia's second-biggest oil producer is looking to identify its creditors, as the firm attempts to pick its way through the complex web of new rules governing its interactions with foreign bondholders following the departure of its sanctioned co-founder. Â
Lukoil PJSC is asking investors of its foreign-denominated bonds to disclose their identity and how much they hold, according to people familiar with the matter who spoke on condition of anonymity.Â
While the company itself has not been targeted by sanctions, its co-founder and former president Vagit Alekperov stepped down from the role last month, after he was sanctioned by both the European Union and the U.K. Meanwhile, Lukoil has kept up with its debt obligations, paying four coupons on bonds over the last 10 days. Its next payment is due on May 6.Â
An identification process is usually undertaken by an issuer ahead of a planned transaction, such as consent solicitations or tender and exchange offers, and, in the most stressed of cases, debt restructurings. It's not clear why Lukoil would carry out a bondholder identification process now.Â
A representative for Lukoil replied to requests for comment about its bonds by referencing a statement about its shares. The company didn't immediately respond to follow-up requests for bond-related information.
Russian companies have faced huge uncertainties over foreign payments following international sanctions on both individuals and entities. The penalties have led to wide-ranging implications for Russian corporates, from reshufflings in shareholder structures and management, to blockages along the financial plumbing system preventing debt payments from trickling through to investors.Â
The bondholder identification process is run by capital markets intelligence firm CMi2i, the people added. Creditors are being asked to disclose their funds' names, holdings, contact details and countries of residence.Â
A representative for CMi2i declined to comment.
©2022 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
