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REAL ESTATE: CPI Property (CPIPGR: Ba1 neg/BB+ neg): Cypriot Court Ruling

REAL ESTATE

Looks like a Negative

  • The FT reports that a Cypriot Court has ruled in favour of 2 convicted money launderers who claim that Radovan Vitek swindled them
  • CPI is preparing to segregate €537m of assets as a contingency
  • Cypriot courts are very slow to act so this process could take a while to play out.
  • Bonds do not seem to have reacted much to this:
  • CPIPGR 7% Senior -20c;  CPIPGR 3.75% Perp -11c  currently

    Link to FT
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Looks like a Negative

  • The FT reports that a Cypriot Court has ruled in favour of 2 convicted money launderers who claim that Radovan Vitek swindled them
  • CPI is preparing to segregate €537m of assets as a contingency
  • Cypriot courts are very slow to act so this process could take a while to play out.
  • Bonds do not seem to have reacted much to this:
  • CPIPGR 7% Senior -20c;  CPIPGR 3.75% Perp -11c  currently

    Link to FT